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| | SB1595 Engrossed | | LRB101 08982 HLH 54075 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Film
Production Services Tax Credit Act of |
| 5 | | 2008 is amended by changing Section 42 as follows:
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| 6 | | (35 ILCS 16/42) |
| 7 | | Sec. 42. Sunset of credits. This Act is exempt from the |
| 8 | | provisions of Section 250 of the Illinois Income Tax Act. The |
| 9 | | application of credits awarded pursuant to this Act shall be |
| 10 | | limited by a reasonable and appropriate sunset date. A taxpayer |
| 11 | | shall not be entitled to take a credit awarded pursuant to this |
| 12 | | Act for tax years beginning on or after 10 years after the |
| 13 | | effective date of this amendatory Act of the 97th General |
| 14 | | Assembly. After the initial 10-year sunset, the General |
| 15 | | Assembly may extend the sunset date by 5-year intervals.
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| 16 | | (Source: P.A. 97-2, eff. 5-6-11; 97-3, eff. 5-6-11.)
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| 17 | | Section 99. Effective date. This Act takes effect upon |
| 18 | | becoming law.
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