Illinois General Assembly

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 Bill Status of SB3300  98th General Assembly


Short Description:  INC TX-PRODUCTION CREDIT

Senate Sponsors
Sen. Dave Syverson - Don Harmon

Last Action
DateChamber Action
  1/13/2015SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/224 new


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to a percentage of the taxpayer's qualified production activities income. Provides that, for taxable years ending on or after December 31, 2014 and prior to December 31, 2015, the credit shall be 2% of the taxpayer's qualified production activities income for the taxable year; for taxable years ending on or after December 31, 2015 and prior to December 31, 2016, the credit shall be 4% of the taxpayer's qualified production activities income for the taxable year; and for taxable years ending on or after December 31, 2016, the credit shall be 6.2% of the taxpayer's qualified production activities income for the taxable year. Provides that excess credit amounts may be carried forward and applied to the tax liability of the 15 taxable years following the excess credit year. Effective immediately.

Actions 
DateChamber Action
  2/14/2014SenateFiled with Secretary by Sen. Dave Syverson
  2/14/2014SenateFirst Reading
  2/14/2014SenateReferred to Assignments
  2/25/2014SenateAssigned to Revenue
  3/10/2014SenateAdded as Chief Co-Sponsor Sen. Don Harmon
  3/21/2014SenateTo Subcommittee on Tax Credits
  3/28/2014SenateRule 3-9(a) / Re-referred to Assignments
  1/13/2015SenateSession Sine Die

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