Bill Status of SB 3967   96th General Assembly


Short Description:  INC TX-INVESTMENT CREDIT

Senate Sponsors
Sen. John G. Mulroe

Last Action  View All Actions

DateChamber Action
  1/12/2011SenateSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/203from Ch. 120, par. 2-203
35 ILCS 5/221 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 2% of the basis of certain property used for manufacturing, mining, or retail that is placed in service during the taxable year. Provides for an additional credit equal to 2% of the basis of the qualified property if the taxpayer meets certain employment criteria. Provides that, if the property ceases to be qualified property in the hands of the taxpayer within 48 months after being placed in service, or if the situs of any qualified property is moved outside Illinois within 48 months after being placed in service, then the taxpayer's base income for the taxable year in which the property is moved or ceases to be qualified property shall be increased by the amount of the credit previously awarded to the taxpayer that is attributable to that property. Contains other provisions. Effective immediately.

Actions 
DateChamber Action
  11/10/2010SenateFiled with Secretary by Sen. John G. Mulroe
  11/10/2010SenateFirst Reading
  11/10/2010SenateReferred to Assignments
  1/12/2011SenateSession Sine Die

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