Illinois General Assembly - Bill Status for SB2783

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Bill Status of SB2783 100th General Assembly

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Short Description: INC TX-LOAN CREDIT FOR VENDORS

Senate Sponsors
Sen. Mike Jacobs - Christine Radogno

Last Action

Date	Chamber	Action
1/9/2007	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/203

from Ch. 120, par. 2-203

35 ILCS 5/216 new

Synopsis As Introduced
Amends the Illinois Income tax Act. Creates a credit in an amount equal to the qualified costs of a loan issued to cover the on-going business expenses of a vendor or contractor where the State is late, by 90 days or more, in the payment of the vendor's or contractor's proper bill or invoice for goods or services furnished to the State. Requires the taxpayer to make an addition modification to their base income to add back the amount equal to any deduction taken on the taxpayer's federal income tax return for qualified costs of a slow-payment loan for which a credit is received. Effective immediately.

Actions

Date	Chamber	Action
1/20/2006	Senate	Filed with Secretary by Sen. Mike Jacobs
1/20/2006	Senate	First Reading
1/20/2006	Senate	Referred to Rules
1/30/2006	Senate	Added as Chief Co-Sponsor Sen. Christine Radogno
1/9/2007	Senate	Session Sine Die

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