95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
SB2331


 
Introduced 2/14/2008, by Sen. Rickey R. Hendon
 
SYNOPSIS AS INTRODUCED:
 		














35 ILCS 5/213









    Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the film production services credit.
















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A BILL FOR









 











SB2331

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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 213 as follows:
 



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    (35 ILCS 5/213)



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    Sec. 213. Film production services credit. For tax years 
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beginning on or
after January 1, 2004, a taxpayer who has been 
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awarded a tax credit under the the
Film Production Services Tax 
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Credit Act is entitled to a credit against the
taxes imposed 
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under subsections (a) and (b) of Section 201 of this Act in an

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amount determined by the Department of Commerce and Economic 
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Opportunity under the
Film Production Services Tax Credit Act. 
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If the taxpayer is a partnership or
Subchapter S corporation, 
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the credit is allowed to the partners or shareholders
in 
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accordance with the determination of income and distributive 
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share of income
under Sections 702 and 704 and Subchapter S of 
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the Internal Revenue Code. 
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    A transfer of this credit may be made by the taxpayer 
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earning the credit within one year after the credit is awarded 
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in accordance with rules adopted by the Department of Commerce 
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and Economic Opportunity.

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    The
Department, in cooperation with the Department of 
 


 






SB2331
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Commerce and Economic Opportunity, must prescribe rules to 
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enforce and administer the provisions of this
Section. This 
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Section is exempt from the provisions of Section 250 of this

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Act.

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    The credit may not be carried back.  If the amount of the 
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credit exceeds the tax liability for the year, the
excess may 
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be carried forward and applied to the tax liability of the 5 
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taxable
years following the excess credit year. The credit

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shall be applied to the earliest year for which there is a tax 
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liability. If
there are credits from more than one tax year 
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that are available to offset a
liability, the earlier credit 
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shall be applied first.  In no event shall a credit
under this 
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Section reduce the taxpayer's
liability to less than
zero.

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(Source: P.A. 93-543, eff. 1-1-04; 94-171, eff. 7-11-05.)