Bill Text: IL SB2977 | 2013-2014 | 98th General Assembly | Amended

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Bill Title: Amends the Illinois Income Tax Act. Provides that taxpayers are entitled to an income tax credit against the taxes imposed under the River Edge Redevelopment Zone Act equal to 100% of the reasonable and prudent costs incurred by a public utility. Provides that any amount of credit that exceeds a taxpayer's liabilities shall be refunded to the taxpayer. Amends the River Edge Redevelopment Zone Act. Restricts the amount of costs recovered by a public utility from retail customers to $5,000,000. Provides for a repeal date of July 1, 2020 (currently, July 29, 2017).

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2015-01-13 - Session Sine Die [SB2977 Detail]

Download: Illinois-2013-SB2977-Amended.html

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Sen. Linda Holmes

Filed: 3/20/2014

09800SB2977sam003 LRB098 19609 JLK 57241 a
AMENDMENT TO SENATE BILL 2977
AMENDMENT NO. ______. Amend Senate Bill 2977, AS AMENDED,
with reference to page and line numbers of Senate Amendment No.
1, as follows:
on page 3, line 4, after "$5,000,000", by inserting ", provided
that this limitation shall not exclude customers located in a
municipality from being billed as otherwise set forth in this
subsection (c)"; and
on page 3, line 8, after "rates", by inserting "or formula rate
update"; and
on page 3, line 11, by replacing "residential and commercial"
with "of the public utility's retail"; and
on page 4, line 1, after "rates", by inserting "or formula rate
update"; and

09800SB2977sam003 - 2 - LRB098 19609 JLK 57241 a
on page 4, line 4, by replacing "residential and commercial"
with "of the public utility's retail residential and
commercial".