Bill Text: IL SB2833 | 2013-2014 | 98th General Assembly | Introduced

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Bill Title: Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that no more than $161,000,000 in credits may be awarded under this Act in State Fiscal Year 2015 or any State fiscal year thereafter. Effective immediately.

Sponsorship: Partisan Bill (Democrat 2)

Status: (Failed) 2015-01-13 - Session Sine Die [SB2833 Detail]

Download: Illinois-2013-SB2833-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 SB2833 Introduced 1/30/2014, by Sen. Julie A. Morrison SYNOPSIS AS INTRODUCED:
35 ILCS 10/5-45
Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that no more than $161,000,000 in credits may be awarded under this Act in State Fiscal Year 2015 or any State fiscal year thereafter. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Economic Development for a Growing Economy
Tax Credit Act is amended by changing Section 5-45 as follows:
(35 ILCS 10/5-45)
Sec. 5-45. Amount and duration of the credit.
(a) The Department shall determine the amount and duration
of the credit awarded under this Act. The duration of the
credit may not exceed 10 taxable years. The credit may be
stated as a percentage of the Incremental Income Tax
attributable to the applicant's project and may include a fixed
dollar limitation.
(b) Notwithstanding subsection (a), and except as the
credit may be applied in a carryover year pursuant to Section
211(4) of the Illinois Income Tax Act, the credit may be
applied against the State income tax liability in more than 10
taxable years but not in more than 15 taxable years for an
eligible business that (i) qualifies under this Act and the
Corporate Headquarters Relocation Act and has in fact
undertaken a qualifying project within the time frame specified
by the Department of Commerce and Economic Opportunity under
that Act, and (ii) applies against its State income tax

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liability, during the entire 15-year period, no more than 60%
of the maximum credit per year that would otherwise be
available under this Act.
(c) Notwithstanding any other provision of the law, no more
than $161,000,000 in credits may be awarded under this Act in
State Fiscal Year 2015 or any State fiscal year thereafter.
This limitation does not apply to amounts that are carried
forward under Section 211 of the Illinois Income Tax Act.
(Source: P.A. 94-793, eff. 5-19-06.)
Section 99. Effective date. This Act takes effect upon
becoming law.