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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB2483
Introduced 2/26/2007, by Rep. Michael J. Madigan - Barbara Flynn Currie - John E. Bradley SYNOPSIS AS INTRODUCED:
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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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HB2483 |
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LRB095 00878 BDD 20880 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois, |
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| 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
The application
of every exemption, credit, and deduction |
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| against tax imposed by this Act that
becomes law after the |
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| effective date of this amendatory Act of 1994 shall be
limited |
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| by a reasonable and appropriate sunset date. A taxpayer is not
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| entitled to take the exemption, credit, or deduction for tax |
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| years beginning on
or after the sunset
date. If a reasonable |
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| and appropriate sunset date is not
specified in the Public Act |
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| that creates the exemption, credit, or deduction, a
taxpayer |
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| shall not be entitled to take the exemption, credit, or |
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| deduction for
tax years beginning on or after 5 years after the |
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| effective date of the Public
Act creating the
exemption, |
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| credit, or deduction and thereafter; provided, however, that in
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| the case of any Public Act authorizing the issuance of |
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| tax-exempt obligations
that does not specify a sunset date for |
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| the exemption or deduction of income
derived from the |
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| obligations, the exemption or deduction shall not terminate
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