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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4610 Introduced 1/31/2024, by Rep. Dave Vella SYNOPSIS AS INTRODUCED:
| | | Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the sunset of exemptions, credits, and deductions. |
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| | A BILL FOR |
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| | HB4610 | | LRB103 37150 HLH 67269 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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | changing Section 250 as follows:
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| 6 | | (35 ILCS 5/250) |
| 7 | | Sec. 250. Sunset of exemptions, credits, and deductions. |
| 8 | | (a) The The application of every exemption, credit, and |
| 9 | | deduction against tax imposed by this Act that becomes law |
| 10 | | after the effective date of this amendatory Act of 1994 shall |
| 11 | | be limited by a reasonable and appropriate sunset date. A |
| 12 | | taxpayer is not entitled to take the exemption, credit, or |
| 13 | | deduction for tax years beginning on or after the sunset date. |
| 14 | | Except as provided in subsection (b) of this Section, if a |
| 15 | | reasonable and appropriate sunset date is not specified in the |
| 16 | | Public Act that creates the exemption, credit, or deduction, a |
| 17 | | taxpayer shall not be entitled to take the exemption, credit, |
| 18 | | or deduction for tax years beginning on or after 5 years after |
| 19 | | the effective date of the Public Act creating the exemption, |
| 20 | | credit, or deduction and thereafter; provided, however, that |
| 21 | | in the case of any Public Act authorizing the issuance of |
| 22 | | tax-exempt obligations that does not specify a sunset date for |
| 23 | | the exemption or deduction of income derived from the |