Bill Text: IL SB1253 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Film Production Services Tax Credit Act of 2008. Provides that a taxpayer shall not be entitled to take a credit under that Act for tax years beginning on or after January 1, 2027. Removes a provision from that Act providing that the General Assembly may extend the sunset date by 5-year intervals. Effective immediately.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2019-01-09 - Session Sine Die [SB1253 Detail]

Download: Illinois-2017-SB1253-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 SB1253 Introduced 2/7/2017, by Sen. Chris Nybo SYNOPSIS AS INTRODUCED:
35 ILCS 16/42
Amends the Film Production Services Tax Credit Act of 2008. Provides that a taxpayer shall not be entitled to take a credit under that Act for tax years beginning on or after January 1, 2027. Removes a provision from that Act providing that the General Assembly may extend the sunset date by 5-year intervals. Effective immediately.
LRB100 09606 HLH 19774 b
A BILL FOR
SB1253 LRB100 09606 HLH 19774 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Film Production Services Tax Credit Act of
2008 is amended by changing Section 42 as follows:
(35 ILCS 16/42)
Sec. 42. Sunset of credits. The application of credits
awarded pursuant to this Act shall be limited by a reasonable
and appropriate sunset date. A taxpayer shall not be entitled
to take a credit awarded pursuant to this Act for tax years
beginning on or after January 1, 2027 10 years after the
effective date of this amendatory Act of the 97th General
Assembly. After the initial 10-year sunset, the General
Assembly may extend the sunset date by 5-year intervals.
(Source: P.A. 97-2, eff. 5-6-11; 97-3, eff. 5-6-11.)
Section 99. Effective date. This Act takes effect upon
becoming law.