Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 5/250

(35 ILCS 5/250)

Sec. 250. Sunset of exemptions, credits, and deductions.

(a) The application
of every exemption, credit, and deduction against tax imposed by this Act that
becomes law after the effective date of this amendatory Act of 1994 shall be
limited by a reasonable and appropriate sunset date.  A taxpayer is not
entitled to take the exemption, credit, or deduction for tax years beginning on
or after the sunset
date.  Except as provided in subsection (b) of this Section, if a reasonable and appropriate sunset date is not
specified in the Public Act that creates the exemption, credit, or deduction, a
taxpayer shall not be entitled to take the exemption, credit, or deduction for
tax years beginning on or after 5 years after the effective date of the Public
Act creating the
exemption, credit, or deduction and thereafter; provided, however, that in
the case of any Public Act authorizing the issuance of tax-exempt obligations
that does not specify a sunset date for the exemption or deduction of income
derived from the obligations, the exemption or deduction shall not terminate
until after the obligations have been paid by the issuer.

(b) Notwithstanding the provisions of subsection (a) of this Section, the sunset date of any exemption, credit, or deduction that is scheduled to expire in 2011, 2012, or 2013 by operation of this Section shall be extended by 5 years.

(Source: P.A. 97-636, eff. 6-1-12.)