SB1253 100TH GENERAL ASSEMBLY

LRB100 09606 HLH 19774 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB1253

Introduced 2/7/2017, by Sen. Chris Nybo

SYNOPSIS AS INTRODUCED:

35 ILCS 16/42

Amends the Film Production Services Tax Credit Act of 2008. Provides that a taxpayer shall not be entitled to take a credit under that Act for tax years beginning on or after January 1, 2027. Removes a provision from that Act providing that the General Assembly may extend the sunset date by 5-year intervals. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Film Production Services Tax Credit Act of 2008 is amended by changing Section 42 as follows:

(35 ILCS 16/42)

Sec. 42. Sunset of credits. The application of credits awarded pursuant to this Act shall be limited by a reasonable and appropriate sunset date. A taxpayer shall not be entitled to take a credit awarded pursuant to this Act for tax years beginning on or after January 1, 2027 10 years after the effective date of this amendatory Act of the 97th General Assembly. After the initial 10-year sunset, the General Assembly may extend the sunset date by 5-year intervals.

(Source: P.A. 97-2, eff. 5-6-11; 97-3, eff. 5-6-11.)

Section 99. Effective date. This Act takes effect upon becoming law.