Bill Title: Amends the Illinois Income Tax Act. Creates a credit for each small business taxpayer in an amount equal to 50%, but in no event to exceed $100,000, of the amount paid by the small business taxpayer during the taxable year to an insolvent debtor or a trustee as a result of a recapture under Section 547(b) of the federal Bankruptcy Code. Provides that the term "small business taxpayer" means a business employing no more than 200 employees. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB4071 Detail]

Text: Latest bill text (Introduced) [HTML]

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