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| | HB3797 | - 2 - | LRB103 30156 HLH 56580 b |
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1 | | created; however, no credit may be taken for any taxable year |
2 | | that begins prior to January 1, 2023. The credit under this |
3 | | Section may not exceed the taxpayer's Illinois income tax |
4 | | liability for the taxable year. If the amount of the credit |
5 | | exceeds the tax liability for the year, then the excess may be |
6 | | carried forward and applied to the tax liability of the 5 |
7 | | taxable years following the excess credit year or carried back |
8 | | and applied to the tax liability of the 3 taxable years |
9 | | immediately preceding the excess credit year. The credit shall |
10 | | be applied to the earliest year for which there is a tax |
11 | | liability. If there are credits from more than one tax year |
12 | | that are available to offset a liability, the earlier credit |
13 | | shall be applied first. In the case of a partnership or |
14 | | Subchapter S Corporation, the credit is allowed to the |
15 | | partners or shareholders in accordance with the determination |
16 | | of income and distributive share of income under Sections 702 |
17 | | and 704 and Subchapter S of the Internal Revenue Code. |
18 | | (d) A transfer of the credit may be made by the taxpayer, |
19 | | in accordance with rules adopted by the Department, within one |
20 | | year after the credit is awarded. |
21 | | (e) In no event shall a credit under this Section exceed |
22 | | $10,000 for any taxpayer in any taxable year. |
23 | | (f) This Section is exempt from the provisions of Section |
24 | | 250.
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25 | | Section 99. Effective date. This Act takes effect upon |
26 | | becoming law.
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