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Public Act 100-0415


Public Act 0415 100TH GENERAL ASSEMBLY


Public Act 100-0415
SB0852 EnrolledLRB100 08984 HLH 19130 b

    AN ACT concerning revenue.
    Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
    Section 5. The Illinois Income Tax Act is amended by
changing Section 222 as follows:
    (35 ILCS 5/222)
    Sec. 222. Live theater production credit.
    (a) For tax years beginning on or after January 1, 2012 and
beginning prior to January 1, 2022, a taxpayer who has received
a tax credit award under the Live Theater Production Tax Credit
Act is entitled to a credit against the taxes imposed under
subsections (a) and (b) of Section 201 of this Act in an amount
determined under that Act by the Department of Commerce and
Economic Opportunity.
    (b) If the taxpayer is a partnership, limited liability
partnership, limited liability company, or Subchapter S
corporation, the tax credit award is allowed to the partners,
unit holders, or shareholders in accordance with the
determination of income and distributive share of income under
Sections 702 and 704 and Subchapter S of the Internal Revenue
    (c) A sale, assignment, or transfer of the tax credit award
may be made by the taxpayer earning the credit within one year
after the credit is awarded in accordance with rules adopted by
the Department of Commerce and Economic Opportunity.
    (d) The Department of Revenue, in cooperation with the
Department of Commerce and Economic Opportunity, shall adopt
rules to enforce and administer the provisions of this Section.
    (e) The tax credit award may not be carried back. If the
amount of the credit exceeds the tax liability for the year,
the excess may be carried forward and applied to the tax
liability of the 5 tax years following the excess credit year.
The tax credit award shall be applied to the earliest year for
which there is a tax liability. If there are credits from more
than one tax year that are available to offset liability, the
earlier credit shall be applied first. In no event may a credit
under this Section reduce the taxpayer's liability to less than
(Source: P.A. 97-636, eff. 6-1-12.)

Effective Date: 1/1/2018