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Rep. Michael J. Zalewski
Filed: 5/23/2017
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| 1 | | AMENDMENT TO SENATE BILL 852
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 852 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Illinois Income Tax Act is amended by |
| 5 | | changing Section 222 as follows:
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| 6 | | (35 ILCS 5/222) |
| 7 | | Sec. 222. Live theater production credit. |
| 8 | | (a) For tax years beginning on or after January 1, 2012 and |
| 9 | | beginning prior to January 1, 2027, a taxpayer who has received |
| 10 | | a tax credit award under the Live Theater Production Tax Credit |
| 11 | | Act is entitled to a credit against the taxes imposed under |
| 12 | | subsections (a) and (b) of Section 201 of this Act in an amount |
| 13 | | determined under that Act by the Department of Commerce and |
| 14 | | Economic Opportunity. |
| 15 | | (b) If the taxpayer is a partnership, limited liability |
| 16 | | partnership, limited liability company, or Subchapter S |
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| 1 | | corporation, the tax credit award is allowed to the partners, |
| 2 | | unit holders, or shareholders in accordance with the |
| 3 | | determination of income and distributive share of income under |
| 4 | | Sections 702 and 704 and Subchapter S of the Internal Revenue |
| 5 | | Code. |
| 6 | | (c) A sale, assignment, or transfer of the tax credit award |
| 7 | | may be made by the taxpayer earning the credit within one year |
| 8 | | after the credit is awarded in accordance with rules adopted by |
| 9 | | the Department of Commerce and Economic Opportunity. |
| 10 | | (d) The Department of Revenue, in cooperation with the |
| 11 | | Department of Commerce and Economic Opportunity, shall adopt |
| 12 | | rules to enforce and administer the provisions of this Section. |
| 13 | | (e) The tax credit award may not be carried back. If the |
| 14 | | amount of the credit exceeds the tax liability for the year, |
| 15 | | the excess may be carried forward and applied to the tax |
| 16 | | liability of the 5 tax years following the excess credit year. |
| 17 | | The tax credit award shall be applied to the earliest year for |
| 18 | | which there is a tax liability. If there are credits from more |
| 19 | | than one tax year that are available to offset liability, the |
| 20 | | earlier credit shall be applied first. In no event may a credit |
| 21 | | under this Section reduce the taxpayer's liability to less than |
| 22 | | zero.
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| 23 | | (Source: P.A. 97-636, eff. 6-1-12.)".
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