93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB4235


 
Introduced 1/28/2004, by Michael K. Smith
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/250









    Amends the Illinois Income Tax Act.  Makes a technical change in a Section
concerning the sunset of exemptions, credits, and deductions.



















LRB093 20176 SJM 45921 b




















 


 


A BILL FOR









 














HB4235

LRB093 20176 SJM 45921 b









1
    AN ACT in relation to taxes. 

 
2
    Be it enacted by the People of the State of Illinois, 
3
represented in the General Assembly: 


 
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    Section 5. The Illinois Income Tax Act is amended by 
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changing
Section 250 as follows:


 
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    (35 ILCS 5/250)

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    Sec. 250. Sunset of exemptions, credits, and deductions.  
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The application
of every exemption, credit, and deduction 
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against tax imposed by this Act that
becomes law after 
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September 16, 1994 (the effective date of Public Act
88-660)

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this
amendatory Act of 1994 shall be
limited by a reasonable 
12
and appropriate sunset date.  A taxpayer is not
entitled to take 
13
the exemption, credit, or deduction for tax years beginning on

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or after the sunset
date.  If a reasonable and appropriate 
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sunset date is not
specified in the Public Act that creates the 
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exemption, credit, or deduction, a
taxpayer shall not be 
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entitled to take the exemption, credit, or deduction for
tax 
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years beginning on or after 5 years after the effective date of 
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the Public
Act creating the
exemption, credit, or deduction and 
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thereafter; provided, however, that in
the case of any Public 
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Act authorizing the issuance of tax-exempt obligations
that 
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does not specify a sunset date for the exemption or deduction 
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of income
derived from the obligations, the exemption or 
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deduction shall not terminate
until after the obligations have 
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been paid by the issuer.


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(Source: P.A. 88-660, eff. 9-16-94; 89-460, eff. 5-24-96.)