Bill Status of HB2745 100th General Assembly
Short Description: REVENUE-VARIOUS
Rep. Michael J. Zalewski and Melissa Conyears-Ervin
|Revenue & Finance Committee Hearing Mar 23 2017 8:00AM Stratton Building Room C-1 Springfield, IL |
Growth, Reform & Fairness Subcommittee Hearing Mar 23 2017 8:25AM Stratton Building Room C-1 Springfield, IL
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Reinstates the research and development credit for tax years ending on or after January 1, 2017, and provides that the credit applies on a permanent basis. Provides that the credit may be carried forward for a period of 20 years (instead of 5 years). Creates an apprenticeship income tax credit. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that the manufacturing and assembling machinery and equipment exemption includes graphic arts machinery and equipment and production related tangible personal property. Provides that the exemption for coal and aggregate exploration, mining, off-highway hauling, processing, maintenance, and reclamation equipment applies on a permanent basis. Effective immediately.