Revenue & Finance Committee
Filed: 11/30/2010
 
 

 

 

 
09600SB3172ham001LRB096 19984 HLH 44202 a



1
AMENDMENT TO SENATE BILL 3172 




2    AMENDMENT NO. ______. Amend Senate Bill 3172 by replacing 
3everything after the enacting clause with the following:

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



6    (35 ILCS 5/250)



7    Sec. 250. Sunset of exemptions, credits, and deductions. 
8The
The application
of every exemption, credit, and deduction 
9against tax imposed by this Act that
becomes law after the 
10effective date of this amendatory Act of 1994 shall be
limited 
11by a reasonable and appropriate sunset date.  A taxpayer is not

12entitled to take the exemption, credit, or deduction for tax 
13years beginning on
or after the sunset
date.  If a reasonable 
14and appropriate sunset date is not
specified in the Public Act 
15that creates the exemption, credit, or deduction, a
taxpayer 
16shall not be entitled to take the exemption, credit, or 
 
 
09600SB3172ham001- 2 -LRB096 19984 HLH 44202 a

1deduction for
tax years beginning on or after 5 years after the 
2effective date of the Public
Act creating the
exemption, 
3credit, or deduction and thereafter; provided, however, that in

4the case of any Public Act authorizing the issuance of 
5tax-exempt obligations
that does not specify a sunset date for 
6the exemption or deduction of income
derived from the 
7obligations, the exemption or deduction shall not terminate

8until after the obligations have been paid by the issuer.
9(Source: P.A. 88-660, eff. 9-16-94; 89-460, eff. 5-24-96.)".