Bill Text: IL SB3400 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the sunset of exemptions, credits, and deductions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB3400 Detail]

Download: Illinois-2019-SB3400-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB3400 Introduced 2/13/2020, by Sen. Melinda Bush SYNOPSIS AS INTRODUCED:
35 ILCS 5/250
Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the sunset of exemptions, credits, and deductions.
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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 Illinois Income Tax Act is amended by
changing Section 250 as follows:
(35 ILCS 5/250)
Sec. 250. Sunset of exemptions, credits, and deductions.
(a) The The application of every exemption, credit, and
deduction against tax imposed by this Act that becomes law
after the effective date of this amendatory Act of 1994 shall
be limited by a reasonable and appropriate sunset date. A
taxpayer is not entitled to take the exemption, credit, or
deduction for tax years beginning on or after the sunset date.
Except as provided in subsection (b) of this Section, if a
reasonable and appropriate sunset date is not specified in the
Public Act that creates the exemption, credit, or deduction, a
taxpayer shall not be entitled to take the exemption, credit,
or deduction for tax years beginning on or after 5 years after
the effective date of the Public Act creating the exemption,
credit, or deduction and thereafter; provided, however, that in
the case of any Public Act authorizing the issuance of
tax-exempt obligations that does not specify a sunset date for
the exemption or deduction of income derived from the

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obligations, the exemption or deduction shall not terminate
until after the obligations have been paid by the issuer.
(b) Notwithstanding the provisions of subsection (a) of
this Section, the sunset date of any exemption, credit, or
deduction that is scheduled to expire in 2011, 2012, or 2013 by
operation of this Section shall be extended by 5 years.
(Source: P.A. 97-636, eff. 6-1-12.)