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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB1064 Introduced , by Rep. Martin J Moylan SYNOPSIS AS INTRODUCED: |
| 15 ILCS 305/5 | from Ch. 124, par. 5 | 35 ILCS 5/201 | from Ch. 120, par. 2-201 | 35 ILCS 5/901 | from Ch. 120, par. 9-901 | 30 ILCS 105/5.786 rep. | | 30 ILCS 105/5.787 rep. | | 30 ILCS 105/6z-85 rep. | | 30 ILCS 105/6z-86 rep. | | 35 ILCS 5/201.5 rep. | |
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Amends the Illinois Income Tax Act. Reduces the rate of tax to 3% for individuals, trusts, and estates and 4.8% for corporations. Makes corresponding changes concerning the distribution of tax proceeds. Removes a limitation providing that no net loss carryover deduction may exceed $100,000 for any taxable year ending on or after December 31, 2012 and prior to December 31, 2014. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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1 | | AN ACT concerning revenue.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Secretary of State Act is amended by |
5 | | changing Section 5 as follows:
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6 | | (15 ILCS 305/5) (from Ch. 124, par. 5)
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7 | | Sec. 5. It shall be the duty of the Secretary of State:
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8 | | 1. To countersign and affix the seal of state to all |
9 | | commissions
required by law to be issued by the Governor.
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10 | | 2. To make a register of all appointments by the Governor, |
11 | | specifying
the person appointed, the office conferred, the date |
12 | | of the appointment,
the date when bond or oath is taken and the |
13 | | date filed. If Senate
confirmation is required, the date of the |
14 | | confirmation shall be included
in the register.
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15 | | 3. To make proper indexes to public acts, resolutions, |
16 | | papers and
documents in his office.
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17 | | 3-a. To review all rules of all State agencies adopted in |
18 | | compliance
with the
codification system prescribed by the |
19 | | Secretary. The review shall be for the
purposes and include all |
20 | | the powers and duties provided in the Illinois
Administrative |
21 | | Procedure Act. The Secretary of State shall cooperate with the
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22 | | Legislative Information System to insure the accuracy of the |
23 | | text of the rules
maintained under the Legislative Information |
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1 | | System Act.
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2 | | 4. To give any person requiring the same paying the lawful |
3 | | fees
therefor, a copy of any law, act, resolution, record or |
4 | | paper in his
office, and attach thereto his certificate, under |
5 | | the seal of the state.
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6 | | 5. To take charge of and preserve from waste, and keep in |
7 | | repair,
the houses, lots, grounds and appurtenances, situated |
8 | | in the City of
Springfield, and belonging to or occupied by the |
9 | | State, the care of
which is not otherwise provided for by law, |
10 | | and to take charge of and
preserve from waste, and keep in |
11 | | repair, the houses, lots, grounds and
appurtenances, situated |
12 | | in the State outside the City of Springfield
where such houses, |
13 | | lots, grounds and appurtenances are occupied by the
Secretary |
14 | | of State and no other State officer or agency.
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15 | | 6. To supervise the distribution of the laws.
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16 | | 7. To perform such other duties as may be required by law. |
17 | | The
Secretary of State may, within appropriations authorized by |
18 | | the General
Assembly, maintain offices in the State Capital and |
19 | | in such other places
in the State as he may deem necessary to |
20 | | properly carry out the powers
and duties vested in him by law.
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21 | | 8. In addition to all other authority granted to the |
22 | | Secretary by law, subject to appropriation, to make grants or |
23 | | otherwise provide assistance to, among others without |
24 | | limitation, units of local government, school districts, |
25 | | educational institutions, private agencies, not-for-profit |
26 | | organizations, and for-profit entities for the health, safety, |
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1 | | and welfare of Illinois residents for purposes related to |
2 | | education, transportation, construction, capital improvements, |
3 | | social services, and any other lawful public purpose. Upon |
4 | | request of the Secretary, all State agencies are mandated to |
5 | | provide the Secretary with assistance in administering the |
6 | | grants. |
7 | | 9. To notify the Auditor General of any Public Act filed |
8 | | with the Office of the Secretary of State making an |
9 | | appropriation or transfer of funds from the State treasury. |
10 | | This paragraph (9) applies only through June 30, 2015. |
11 | | (Source: P.A. 96-37, eff. 7-13-09; 96-1496, eff. 1-13-11.)
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12 | | Section 10. The Illinois Income Tax Act is amended by |
13 | | changing Sections 201 and 901 as follows: |
14 | | (35 ILCS 5/201) (from Ch. 120, par. 2-201) |
15 | | Sec. 201. Tax Imposed. |
16 | | (a) In general. A tax measured by net income is hereby |
17 | | imposed on every
individual, corporation, trust and estate for |
18 | | each taxable year ending
after July 31, 1969 on the privilege |
19 | | of earning or receiving income in or
as a resident of this |
20 | | State. Such tax shall be in addition to all other
occupation or |
21 | | privilege taxes imposed by this State or by any municipal
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22 | | corporation or political subdivision thereof. |
23 | | (b) Rates. The tax imposed by subsection (a) of this |
24 | | Section shall be
determined as follows, except as adjusted by |
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1 | | subsection (d-1): |
2 | | (1) In the case of an individual, trust or estate, for |
3 | | taxable years
ending prior to July 1, 1989, an amount equal |
4 | | to 2 1/2% of the taxpayer's
net income for the taxable |
5 | | year. |
6 | | (2) In the case of an individual, trust or estate, for |
7 | | taxable years
beginning prior to July 1, 1989 and ending |
8 | | after June 30, 1989, an amount
equal to the sum of (i) 2 |
9 | | 1/2% of the taxpayer's net income for the period
prior to |
10 | | July 1, 1989, as calculated under Section 202.3, and (ii) |
11 | | 3% of the
taxpayer's net income for the period after June |
12 | | 30, 1989, as calculated
under Section 202.3. |
13 | | (3) In the case of an individual, trust or estate, for |
14 | | taxable years
beginning after June 30, 1989, and ending |
15 | | prior to January 1, 2011, an amount equal to 3% of the |
16 | | taxpayer's net
income for the taxable year. |
17 | | (4) In the case of an individual, trust, or estate, for |
18 | | taxable years beginning prior to January 1, 2011, and |
19 | | ending after December 31, 2010, an amount equal to the sum |
20 | | of (i) 3% of the taxpayer's net income for the period prior |
21 | | to January 1, 2011, as calculated under Section 202.5, and |
22 | | (ii) 5% of the taxpayer's net income for the period after |
23 | | December 31, 2010, as calculated under Section 202.5. |
24 | | (5) In the case of an individual, trust, or estate, for |
25 | | taxable years beginning on or after January 1, 2011, and |
26 | | ending prior to January 1, 2013, January 1, 2015, an amount |
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1 | | equal to 5% of the taxpayer's net income for the taxable |
2 | | year. |
3 | | (5.1) In the case of an individual, trust, or estate, |
4 | | for taxable years beginning prior to January 1, 2013, |
5 | | January 1, 2015, and ending after December 31, 2012, |
6 | | December 31, 2014, an amount equal to the sum of (i) 5% of |
7 | | the taxpayer's net income for the period prior to January |
8 | | 1, 2013, January 1, 2015, as calculated under Section |
9 | | 202.5, and (ii) 3% 3.75% of the taxpayer's net income for |
10 | | the period after December 31, 2012, December 31, 2014, as |
11 | | calculated under Section 202.5. |
12 | | (5.2) In the case of an individual, trust, or estate, |
13 | | for taxable years beginning on or after January 1, 2013, |
14 | | January 1, 2015, and ending prior to January 1, 2025, an |
15 | | amount equal to 3% 3.75% of the taxpayer's net income for |
16 | | the taxable year. |
17 | | (5.3) (Blank). In the case of an individual, trust, or |
18 | | estate, for taxable years beginning prior to January 1, |
19 | | 2025, and ending after December 31, 2024, an amount equal |
20 | | to the sum of (i) 3.75% of the taxpayer's net income for |
21 | | the period prior to January 1, 2025, as calculated under |
22 | | Section 202.5, and (ii) 3.25% of the taxpayer's net income |
23 | | for the period after December 31, 2024, as calculated under |
24 | | Section 202.5. |
25 | | (5.4) (Blank). In the case of an individual, trust, or |
26 | | estate, for taxable years beginning on or after January 1, |
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1 | | 2025, an amount equal to 3.25% of the taxpayer's net income |
2 | | for the taxable year. |
3 | | (6) In the case of a corporation, for taxable years
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4 | | ending prior to July 1, 1989, an amount equal to 4% of the
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5 | | taxpayer's net income for the taxable year. |
6 | | (7) In the case of a corporation, for taxable years |
7 | | beginning prior to
July 1, 1989 and ending after June 30, |
8 | | 1989, an amount equal to the sum of
(i) 4% of the |
9 | | taxpayer's net income for the period prior to July 1, 1989,
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10 | | as calculated under Section 202.3, and (ii) 4.8% of the |
11 | | taxpayer's net
income for the period after June 30, 1989, |
12 | | as calculated under Section
202.3. |
13 | | (8) In the case of a corporation, for taxable years |
14 | | beginning after
June 30, 1989, and ending prior to January |
15 | | 1, 2011, an amount equal to 4.8% of the taxpayer's net |
16 | | income for the
taxable year. |
17 | | (9) In the case of a corporation, for taxable years |
18 | | beginning prior to January 1, 2011, and ending after |
19 | | December 31, 2010, an amount equal to the sum of (i) 4.8% |
20 | | of the taxpayer's net income for the period prior to |
21 | | January 1, 2011, as calculated under Section 202.5, and |
22 | | (ii) 7% of the taxpayer's net income for the period after |
23 | | December 31, 2010, as calculated under Section 202.5. |
24 | | (10) In the case of a corporation, for taxable years |
25 | | beginning on or after January 1, 2011, and ending prior to |
26 | | January 1, 2013, January 1, 2015, an amount equal to 7% of |
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1 | | the taxpayer's net income for the taxable year. |
2 | | (11) In the case of a corporation, for taxable years |
3 | | beginning prior to January 1, 2013, January 1, 2015, and |
4 | | ending after December 31, 2012, December 31, 2014, an |
5 | | amount equal to the sum of (i) 7% of the taxpayer's net |
6 | | income for the period prior to January 1, 2013, January 1, |
7 | | 2015, as calculated under Section 202.5, and (ii) 4.8% |
8 | | 5.25% of the taxpayer's net income for the period after |
9 | | December 31, 2012, December 31, 2014, as calculated under |
10 | | Section 202.5. |
11 | | (12) In the case of a corporation, for taxable years |
12 | | beginning on or after January 1, 2013, January 1, 2015, and |
13 | | ending prior to January 1, 2025, an amount equal to 4.8% |
14 | | 5.25% of the taxpayer's net income for the taxable year. |
15 | | (13) (Blank). In the case of a corporation, for taxable |
16 | | years beginning prior to January 1, 2025, and ending after |
17 | | December 31, 2024, an amount equal to the sum of (i) 5.25% |
18 | | of the taxpayer's net income for the period prior to |
19 | | January 1, 2025, as calculated under Section 202.5, and |
20 | | (ii) 4.8% of the taxpayer's net income for the period after |
21 | | December 31, 2024, as calculated under Section 202.5. |
22 | | (14) (Blank). In the case of a corporation, for taxable |
23 | | years beginning on or after January 1, 2025, an amount |
24 | | equal to 4.8% of the taxpayer's net income for the taxable |
25 | | year. |
26 | | The rates under this subsection (b) are subject to the |
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1 | | provisions of Section 201.5. |
2 | | (c) Personal Property Tax Replacement Income Tax.
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3 | | Beginning on July 1, 1979 and thereafter, in addition to such |
4 | | income
tax, there is also hereby imposed the Personal Property |
5 | | Tax Replacement
Income Tax measured by net income on every |
6 | | corporation (including Subchapter
S corporations), partnership |
7 | | and trust, for each taxable year ending after
June 30, 1979. |
8 | | Such taxes are imposed on the privilege of earning or
receiving |
9 | | income in or as a resident of this State. The Personal Property
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10 | | Tax Replacement Income Tax shall be in addition to the income |
11 | | tax imposed
by subsections (a) and (b) of this Section and in |
12 | | addition to all other
occupation or privilege taxes imposed by |
13 | | this State or by any municipal
corporation or political |
14 | | subdivision thereof. |
15 | | (d) Additional Personal Property Tax Replacement Income |
16 | | Tax Rates.
The personal property tax replacement income tax |
17 | | imposed by this subsection
and subsection (c) of this Section |
18 | | in the case of a corporation, other
than a Subchapter S |
19 | | corporation and except as adjusted by subsection (d-1),
shall |
20 | | be an additional amount equal to
2.85% of such taxpayer's net |
21 | | income for the taxable year, except that
beginning on January |
22 | | 1, 1981, and thereafter, the rate of 2.85% specified
in this |
23 | | subsection shall be reduced to 2.5%, and in the case of a
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24 | | partnership, trust or a Subchapter S corporation shall be an |
25 | | additional
amount equal to 1.5% of such taxpayer's net income |
26 | | for the taxable year. |
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1 | | (d-1) Rate reduction for certain foreign insurers. In the |
2 | | case of a
foreign insurer, as defined by Section 35A-5 of the |
3 | | Illinois Insurance Code,
whose state or country of domicile |
4 | | imposes on insurers domiciled in Illinois
a retaliatory tax |
5 | | (excluding any insurer
whose premiums from reinsurance assumed |
6 | | are 50% or more of its total insurance
premiums as determined |
7 | | under paragraph (2) of subsection (b) of Section 304,
except |
8 | | that for purposes of this determination premiums from |
9 | | reinsurance do
not include premiums from inter-affiliate |
10 | | reinsurance arrangements),
beginning with taxable years ending |
11 | | on or after December 31, 1999,
the sum of
the rates of tax |
12 | | imposed by subsections (b) and (d) shall be reduced (but not
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13 | | increased) to the rate at which the total amount of tax imposed |
14 | | under this Act,
net of all credits allowed under this Act, |
15 | | shall equal (i) the total amount of
tax that would be imposed |
16 | | on the foreign insurer's net income allocable to
Illinois for |
17 | | the taxable year by such foreign insurer's state or country of
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18 | | domicile if that net income were subject to all income taxes |
19 | | and taxes
measured by net income imposed by such foreign |
20 | | insurer's state or country of
domicile, net of all credits |
21 | | allowed or (ii) a rate of zero if no such tax is
imposed on such |
22 | | income by the foreign insurer's state of domicile.
For the |
23 | | purposes of this subsection (d-1), an inter-affiliate includes |
24 | | a
mutual insurer under common management. |
25 | | (1) For the purposes of subsection (d-1), in no event |
26 | | shall the sum of the
rates of tax imposed by subsections |
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1 | | (b) and (d) be reduced below the rate at
which the sum of: |
2 | | (A) the total amount of tax imposed on such foreign |
3 | | insurer under
this Act for a taxable year, net of all |
4 | | credits allowed under this Act, plus |
5 | | (B) the privilege tax imposed by Section 409 of the |
6 | | Illinois Insurance
Code, the fire insurance company |
7 | | tax imposed by Section 12 of the Fire
Investigation |
8 | | Act, and the fire department taxes imposed under |
9 | | Section 11-10-1
of the Illinois Municipal Code, |
10 | | equals 1.25% for taxable years ending prior to December 31, |
11 | | 2003, or
1.75% for taxable years ending on or after |
12 | | December 31, 2003, of the net
taxable premiums written for |
13 | | the taxable year,
as described by subsection (1) of Section |
14 | | 409 of the Illinois Insurance Code.
This paragraph will in |
15 | | no event increase the rates imposed under subsections
(b) |
16 | | and (d). |
17 | | (2) Any reduction in the rates of tax imposed by this |
18 | | subsection shall be
applied first against the rates imposed |
19 | | by subsection (b) and only after the
tax imposed by |
20 | | subsection (a) net of all credits allowed under this |
21 | | Section
other than the credit allowed under subsection (i) |
22 | | has been reduced to zero,
against the rates imposed by |
23 | | subsection (d). |
24 | | This subsection (d-1) is exempt from the provisions of |
25 | | Section 250. |
26 | | (e) Investment credit. A taxpayer shall be allowed a credit
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1 | | against the Personal Property Tax Replacement Income Tax for
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2 | | investment in qualified property. |
3 | | (1) A taxpayer shall be allowed a credit equal to .5% |
4 | | of
the basis of qualified property placed in service during |
5 | | the taxable year,
provided such property is placed in |
6 | | service on or after
July 1, 1984. There shall be allowed an |
7 | | additional credit equal
to .5% of the basis of qualified |
8 | | property placed in service during the
taxable year, |
9 | | provided such property is placed in service on or
after |
10 | | July 1, 1986, and the taxpayer's base employment
within |
11 | | Illinois has increased by 1% or more over the preceding |
12 | | year as
determined by the taxpayer's employment records |
13 | | filed with the
Illinois Department of Employment Security. |
14 | | Taxpayers who are new to
Illinois shall be deemed to have |
15 | | met the 1% growth in base employment for
the first year in |
16 | | which they file employment records with the Illinois
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17 | | Department of Employment Security. The provisions added to |
18 | | this Section by
Public Act 85-1200 (and restored by Public |
19 | | Act 87-895) shall be
construed as declaratory of existing |
20 | | law and not as a new enactment. If,
in any year, the |
21 | | increase in base employment within Illinois over the
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22 | | preceding year is less than 1%, the additional credit shall |
23 | | be limited to that
percentage times a fraction, the |
24 | | numerator of which is .5% and the denominator
of which is |
25 | | 1%, but shall not exceed .5%. The investment credit shall |
26 | | not be
allowed to the extent that it would reduce a |
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1 | | taxpayer's liability in any tax
year below zero, nor may |
2 | | any credit for qualified property be allowed for any
year |
3 | | other than the year in which the property was placed in |
4 | | service in
Illinois. For tax years ending on or after |
5 | | December 31, 1987, and on or
before December 31, 1988, the |
6 | | credit shall be allowed for the tax year in
which the |
7 | | property is placed in service, or, if the amount of the |
8 | | credit
exceeds the tax liability for that year, whether it |
9 | | exceeds the original
liability or the liability as later |
10 | | amended, such excess may be carried
forward and applied to |
11 | | the tax liability of the 5 taxable years following
the |
12 | | excess credit years if the taxpayer (i) makes investments |
13 | | which cause
the creation of a minimum of 2,000 full-time |
14 | | equivalent jobs in Illinois,
(ii) is located in an |
15 | | enterprise zone established pursuant to the Illinois
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16 | | Enterprise Zone Act and (iii) is certified by the |
17 | | Department of Commerce
and Community Affairs (now |
18 | | Department of Commerce and Economic Opportunity) as |
19 | | complying with the requirements specified in
clause (i) and |
20 | | (ii) by July 1, 1986. The Department of Commerce and
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21 | | Community Affairs (now Department of Commerce and Economic |
22 | | Opportunity) shall notify the Department of Revenue of all |
23 | | such
certifications immediately. For tax years ending |
24 | | after December 31, 1988,
the credit shall be allowed for |
25 | | the tax year in which the property is
placed in service, |
26 | | or, if the amount of the credit exceeds the tax
liability |
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1 | | for that year, whether it exceeds the original liability or |
2 | | the
liability as later amended, such excess may be carried |
3 | | forward and applied
to the tax liability of the 5 taxable |
4 | | years following the excess credit
years. The credit shall |
5 | | be applied to the earliest year for which there is
a |
6 | | liability. If there is credit from more than one tax year |
7 | | that is
available to offset a liability, earlier credit |
8 | | shall be applied first. |
9 | | (2) The term "qualified property" means property |
10 | | which: |
11 | | (A) is tangible, whether new or used, including |
12 | | buildings and structural
components of buildings and |
13 | | signs that are real property, but not including
land or |
14 | | improvements to real property that are not a structural |
15 | | component of a
building such as landscaping, sewer |
16 | | lines, local access roads, fencing, parking
lots, and |
17 | | other appurtenances; |
18 | | (B) is depreciable pursuant to Section 167 of the |
19 | | Internal Revenue Code,
except that "3-year property" |
20 | | as defined in Section 168(c)(2)(A) of that
Code is not |
21 | | eligible for the credit provided by this subsection |
22 | | (e); |
23 | | (C) is acquired by purchase as defined in Section |
24 | | 179(d) of
the Internal Revenue Code; |
25 | | (D) is used in Illinois by a taxpayer who is |
26 | | primarily engaged in
manufacturing, or in mining coal |
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1 | | or fluorite, or in retailing, or was placed in service |
2 | | on or after July 1, 2006 in a River Edge Redevelopment |
3 | | Zone established pursuant to the River Edge |
4 | | Redevelopment Zone Act; and |
5 | | (E) has not previously been used in Illinois in |
6 | | such a manner and by
such a person as would qualify for |
7 | | the credit provided by this subsection
(e) or |
8 | | subsection (f). |
9 | | (3) For purposes of this subsection (e), |
10 | | "manufacturing" means
the material staging and production |
11 | | of tangible personal property by
procedures commonly |
12 | | regarded as manufacturing, processing, fabrication, or
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13 | | assembling which changes some existing material into new |
14 | | shapes, new
qualities, or new combinations. For purposes of |
15 | | this subsection
(e) the term "mining" shall have the same |
16 | | meaning as the term "mining" in
Section 613(c) of the |
17 | | Internal Revenue Code. For purposes of this subsection
(e), |
18 | | the term "retailing" means the sale of tangible personal |
19 | | property for use or consumption and not for resale, or
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20 | | services rendered in conjunction with the sale of tangible |
21 | | personal property for use or consumption and not for |
22 | | resale. For purposes of this subsection (e), "tangible |
23 | | personal property" has the same meaning as when that term |
24 | | is used in the Retailers' Occupation Tax Act, and, for |
25 | | taxable years ending after December 31, 2008, does not |
26 | | include the generation, transmission, or distribution of |
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1 | | electricity. |
2 | | (4) The basis of qualified property shall be the basis
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3 | | used to compute the depreciation deduction for federal |
4 | | income tax purposes. |
5 | | (5) If the basis of the property for federal income tax |
6 | | depreciation
purposes is increased after it has been placed |
7 | | in service in Illinois by
the taxpayer, the amount of such |
8 | | increase shall be deemed property placed
in service on the |
9 | | date of such increase in basis. |
10 | | (6) The term "placed in service" shall have the same
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11 | | meaning as under Section 46 of the Internal Revenue Code. |
12 | | (7) If during any taxable year, any property ceases to
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13 | | be qualified property in the hands of the taxpayer within |
14 | | 48 months after
being placed in service, or the situs of |
15 | | any qualified property is
moved outside Illinois within 48 |
16 | | months after being placed in service, the
Personal Property |
17 | | Tax Replacement Income Tax for such taxable year shall be
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18 | | increased. Such increase shall be determined by (i) |
19 | | recomputing the
investment credit which would have been |
20 | | allowed for the year in which
credit for such property was |
21 | | originally allowed by eliminating such
property from such |
22 | | computation and, (ii) subtracting such recomputed credit
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23 | | from the amount of credit previously allowed. For the |
24 | | purposes of this
paragraph (7), a reduction of the basis of |
25 | | qualified property resulting
from a redetermination of the |
26 | | purchase price shall be deemed a disposition
of qualified |
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1 | | property to the extent of such reduction. |
2 | | (8) Unless the investment credit is extended by law, |
3 | | the
basis of qualified property shall not include costs |
4 | | incurred after
December 31, 2018, except for costs incurred |
5 | | pursuant to a binding
contract entered into on or before |
6 | | December 31, 2018. |
7 | | (9) Each taxable year ending before December 31, 2000, |
8 | | a partnership may
elect to pass through to its
partners the |
9 | | credits to which the partnership is entitled under this |
10 | | subsection
(e) for the taxable year. A partner may use the |
11 | | credit allocated to him or her
under this paragraph only |
12 | | against the tax imposed in subsections (c) and (d) of
this |
13 | | Section. If the partnership makes that election, those |
14 | | credits shall be
allocated among the partners in the |
15 | | partnership in accordance with the rules
set forth in |
16 | | Section 704(b) of the Internal Revenue Code, and the rules
|
17 | | promulgated under that Section, and the allocated amount of |
18 | | the credits shall
be allowed to the partners for that |
19 | | taxable year. The partnership shall make
this election on |
20 | | its Personal Property Tax Replacement Income Tax return for
|
21 | | that taxable year. The election to pass through the credits |
22 | | shall be
irrevocable. |
23 | | For taxable years ending on or after December 31, 2000, |
24 | | a
partner that qualifies its
partnership for a subtraction |
25 | | under subparagraph (I) of paragraph (2) of
subsection (d) |
26 | | of Section 203 or a shareholder that qualifies a Subchapter |
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1 | | S
corporation for a subtraction under subparagraph (S) of |
2 | | paragraph (2) of
subsection (b) of Section 203 shall be |
3 | | allowed a credit under this subsection
(e) equal to its |
4 | | share of the credit earned under this subsection (e) during
|
5 | | the taxable year by the partnership or Subchapter S |
6 | | corporation, determined in
accordance with the |
7 | | determination of income and distributive share of
income |
8 | | under Sections 702 and 704 and Subchapter S of the Internal |
9 | | Revenue
Code. This paragraph is exempt from the provisions |
10 | | of Section 250. |
11 | | (f) Investment credit; Enterprise Zone; River Edge |
12 | | Redevelopment Zone. |
13 | | (1) A taxpayer shall be allowed a credit against the |
14 | | tax imposed
by subsections (a) and (b) of this Section for |
15 | | investment in qualified
property which is placed in service |
16 | | in an Enterprise Zone created
pursuant to the Illinois |
17 | | Enterprise Zone Act or, for property placed in service on |
18 | | or after July 1, 2006, a River Edge Redevelopment Zone |
19 | | established pursuant to the River Edge Redevelopment Zone |
20 | | Act. For partners, shareholders
of Subchapter S |
21 | | corporations, and owners of limited liability companies,
|
22 | | if the liability company is treated as a partnership for |
23 | | purposes of
federal and State income taxation, there shall |
24 | | be allowed a credit under
this subsection (f) to be |
25 | | determined in accordance with the determination
of income |
26 | | and distributive share of income under Sections 702 and 704 |
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1 | | and
Subchapter S of the Internal Revenue Code. The credit |
2 | | shall be .5% of the
basis for such property. The credit |
3 | | shall be available only in the taxable
year in which the |
4 | | property is placed in service in the Enterprise Zone or |
5 | | River Edge Redevelopment Zone and
shall not be allowed to |
6 | | the extent that it would reduce a taxpayer's
liability for |
7 | | the tax imposed by subsections (a) and (b) of this Section |
8 | | to
below zero. For tax years ending on or after December |
9 | | 31, 1985, the credit
shall be allowed for the tax year in |
10 | | which the property is placed in
service, or, if the amount |
11 | | of the credit exceeds the tax liability for that
year, |
12 | | whether it exceeds the original liability or the liability |
13 | | as later
amended, such excess may be carried forward and |
14 | | applied to the tax
liability of the 5 taxable years |
15 | | following the excess credit year.
The credit shall be |
16 | | applied to the earliest year for which there is a
|
17 | | liability. If there is credit from more than one tax year |
18 | | that is available
to offset a liability, the credit |
19 | | accruing first in time shall be applied
first. |
20 | | (2) The term qualified property means property which: |
21 | | (A) is tangible, whether new or used, including |
22 | | buildings and
structural components of buildings; |
23 | | (B) is depreciable pursuant to Section 167 of the |
24 | | Internal Revenue
Code, except that "3-year property" |
25 | | as defined in Section 168(c)(2)(A) of
that Code is not |
26 | | eligible for the credit provided by this subsection |
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1 | | (f); |
2 | | (C) is acquired by purchase as defined in Section |
3 | | 179(d) of
the Internal Revenue Code; |
4 | | (D) is used in the Enterprise Zone or River Edge |
5 | | Redevelopment Zone by the taxpayer; and |
6 | | (E) has not been previously used in Illinois in |
7 | | such a manner and by
such a person as would qualify for |
8 | | the credit provided by this subsection
(f) or |
9 | | subsection (e). |
10 | | (3) The basis of qualified property shall be the basis |
11 | | used to compute
the depreciation deduction for federal |
12 | | income tax purposes. |
13 | | (4) If the basis of the property for federal income tax |
14 | | depreciation
purposes is increased after it has been placed |
15 | | in service in the Enterprise
Zone or River Edge |
16 | | Redevelopment Zone by the taxpayer, the amount of such |
17 | | increase shall be deemed property
placed in service on the |
18 | | date of such increase in basis. |
19 | | (5) The term "placed in service" shall have the same |
20 | | meaning as under
Section 46 of the Internal Revenue Code. |
21 | | (6) If during any taxable year, any property ceases to |
22 | | be qualified
property in the hands of the taxpayer within |
23 | | 48 months after being placed
in service, or the situs of |
24 | | any qualified property is moved outside the
Enterprise Zone |
25 | | or River Edge Redevelopment Zone within 48 months after |
26 | | being placed in service, the tax
imposed under subsections |
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1 | | (a) and (b) of this Section for such taxable year
shall be |
2 | | increased. Such increase shall be determined by (i) |
3 | | recomputing
the investment credit which would have been |
4 | | allowed for the year in which
credit for such property was |
5 | | originally allowed by eliminating such
property from such |
6 | | computation, and (ii) subtracting such recomputed credit
|
7 | | from the amount of credit previously allowed. For the |
8 | | purposes of this
paragraph (6), a reduction of the basis of |
9 | | qualified property resulting
from a redetermination of the |
10 | | purchase price shall be deemed a disposition
of qualified |
11 | | property to the extent of such reduction. |
12 | | (7) There shall be allowed an additional credit equal |
13 | | to 0.5% of the basis of qualified property placed in |
14 | | service during the taxable year in a River Edge |
15 | | Redevelopment Zone, provided such property is placed in |
16 | | service on or after July 1, 2006, and the taxpayer's base |
17 | | employment within Illinois has increased by 1% or more over |
18 | | the preceding year as determined by the taxpayer's |
19 | | employment records filed with the Illinois Department of |
20 | | Employment Security. Taxpayers who are new to Illinois |
21 | | shall be deemed to have met the 1% growth in base |
22 | | employment for the first year in which they file employment |
23 | | records with the Illinois Department of Employment |
24 | | Security. If, in any year, the increase in base employment |
25 | | within Illinois over the preceding year is less than 1%, |
26 | | the additional credit shall be limited to that percentage |
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1 | | times a fraction, the numerator of which is 0.5% and the |
2 | | denominator of which is 1%, but shall not exceed 0.5%.
|
3 | | (g) Jobs Tax Credit; River Edge Redevelopment Zone and |
4 | | Foreign Trade Zone or Sub-Zone. |
5 | | (1) A taxpayer conducting a trade or business, for |
6 | | taxable years ending on or after December 31, 2006, in a |
7 | | River Edge Redevelopment Zone or conducting a trade or |
8 | | business in a federally designated
Foreign Trade Zone or |
9 | | Sub-Zone shall be allowed a credit against the tax
imposed |
10 | | by subsections (a) and (b) of this Section in the amount of |
11 | | $500
per eligible employee hired to work in the zone during |
12 | | the taxable year. |
13 | | (2) To qualify for the credit: |
14 | | (A) the taxpayer must hire 5 or more eligible |
15 | | employees to work in a River Edge Redevelopment Zone or |
16 | | federally designated Foreign Trade Zone or Sub-Zone
|
17 | | during the taxable year; |
18 | | (B) the taxpayer's total employment within the |
19 | | River Edge Redevelopment Zone or
federally designated |
20 | | Foreign Trade Zone or Sub-Zone must
increase by 5 or |
21 | | more full-time employees beyond the total employed in |
22 | | that
zone at the end of the previous tax year for which |
23 | | a jobs tax
credit under this Section was taken, or |
24 | | beyond the total employed by the
taxpayer as of |
25 | | December 31, 1985, whichever is later; and |
26 | | (C) the eligible employees must be employed 180 |
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1 | | consecutive days in
order to be deemed hired for |
2 | | purposes of this subsection. |
3 | | (3) An "eligible employee" means an employee who is: |
4 | | (A) Certified by the Department of Commerce and |
5 | | Economic Opportunity
as "eligible for services" |
6 | | pursuant to regulations promulgated in
accordance with |
7 | | Title II of the Job Training Partnership Act, Training
|
8 | | Services for the Disadvantaged or Title III of the Job |
9 | | Training Partnership
Act, Employment and Training |
10 | | Assistance for Dislocated Workers Program. |
11 | | (B) Hired after the River Edge Redevelopment Zone |
12 | | or federally designated Foreign
Trade Zone or Sub-Zone |
13 | | was designated or the trade or
business was located in |
14 | | that zone, whichever is later. |
15 | | (C) Employed in the River Edge Redevelopment Zone |
16 | | or Foreign Trade Zone or
Sub-Zone. An employee is |
17 | | employed in a federally designated Foreign Trade Zone |
18 | | or Sub-Zone
if his services are rendered there or it is |
19 | | the base of
operations for the services performed. |
20 | | (D) A full-time employee working 30 or more hours |
21 | | per week. |
22 | | (4) For tax years ending on or after December 31, 1985 |
23 | | and prior to
December 31, 1988, the credit shall be allowed |
24 | | for the tax year in which
the eligible employees are hired. |
25 | | For tax years ending on or after
December 31, 1988, the |
26 | | credit shall be allowed for the tax year immediately
|
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1 | | following the tax year in which the eligible employees are |
2 | | hired. If the
amount of the credit exceeds the tax |
3 | | liability for that year, whether it
exceeds the original |
4 | | liability or the liability as later amended, such
excess |
5 | | may be carried forward and applied to the tax liability of |
6 | | the 5
taxable years following the excess credit year. The |
7 | | credit shall be
applied to the earliest year for which |
8 | | there is a liability. If there is
credit from more than one |
9 | | tax year that is available to offset a liability,
earlier |
10 | | credit shall be applied first. |
11 | | (5) The Department of Revenue shall promulgate such |
12 | | rules and regulations
as may be deemed necessary to carry |
13 | | out the purposes of this subsection (g). |
14 | | (6) The credit shall be available for eligible |
15 | | employees hired on or
after January 1, 1986. |
16 | | (h) Investment credit; High Impact Business. |
17 | | (1) Subject to subsections (b) and (b-5) of Section
5.5 |
18 | | of the Illinois Enterprise Zone Act, a taxpayer shall be |
19 | | allowed a credit
against the tax imposed by subsections (a) |
20 | | and (b) of this Section for
investment in qualified
|
21 | | property which is placed in service by a Department of |
22 | | Commerce and Economic Opportunity
designated High Impact |
23 | | Business. The credit shall be .5% of the basis
for such |
24 | | property. The credit shall not be available (i) until the |
25 | | minimum
investments in qualified property set forth in |
26 | | subdivision (a)(3)(A) of
Section 5.5 of the Illinois
|
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1 | | Enterprise Zone Act have been satisfied
or (ii) until the |
2 | | time authorized in subsection (b-5) of the Illinois
|
3 | | Enterprise Zone Act for entities designated as High Impact |
4 | | Businesses under
subdivisions (a)(3)(B), (a)(3)(C), and |
5 | | (a)(3)(D) of Section 5.5 of the Illinois
Enterprise Zone |
6 | | Act, and shall not be allowed to the extent that it would
|
7 | | reduce a taxpayer's liability for the tax imposed by |
8 | | subsections (a) and (b) of
this Section to below zero. The |
9 | | credit applicable to such investments shall be
taken in the |
10 | | taxable year in which such investments have been completed. |
11 | | The
credit for additional investments beyond the minimum |
12 | | investment by a designated
high impact business authorized |
13 | | under subdivision (a)(3)(A) of Section 5.5 of
the Illinois |
14 | | Enterprise Zone Act shall be available only in the taxable |
15 | | year in
which the property is placed in service and shall |
16 | | not be allowed to the extent
that it would reduce a |
17 | | taxpayer's liability for the tax imposed by subsections
(a) |
18 | | and (b) of this Section to below zero.
For tax years ending |
19 | | on or after December 31, 1987, the credit shall be
allowed |
20 | | for the tax year in which the property is placed in |
21 | | service, or, if
the amount of the credit exceeds the tax |
22 | | liability for that year, whether
it exceeds the original |
23 | | liability or the liability as later amended, such
excess |
24 | | may be carried forward and applied to the tax liability of |
25 | | the 5
taxable years following the excess credit year. The |
26 | | credit shall be
applied to the earliest year for which |
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1 | | there is a liability. If there is
credit from more than one |
2 | | tax year that is available to offset a liability,
the |
3 | | credit accruing first in time shall be applied first. |
4 | | Changes made in this subdivision (h)(1) by Public Act |
5 | | 88-670
restore changes made by Public Act 85-1182 and |
6 | | reflect existing law. |
7 | | (2) The term qualified property means property which: |
8 | | (A) is tangible, whether new or used, including |
9 | | buildings and
structural components of buildings; |
10 | | (B) is depreciable pursuant to Section 167 of the |
11 | | Internal Revenue
Code, except that "3-year property" |
12 | | as defined in Section 168(c)(2)(A) of
that Code is not |
13 | | eligible for the credit provided by this subsection |
14 | | (h); |
15 | | (C) is acquired by purchase as defined in Section |
16 | | 179(d) of the
Internal Revenue Code; and |
17 | | (D) is not eligible for the Enterprise Zone |
18 | | Investment Credit provided
by subsection (f) of this |
19 | | Section. |
20 | | (3) The basis of qualified property shall be the basis |
21 | | used to compute
the depreciation deduction for federal |
22 | | income tax purposes. |
23 | | (4) If the basis of the property for federal income tax |
24 | | depreciation
purposes is increased after it has been placed |
25 | | in service in a federally
designated Foreign Trade Zone or |
26 | | Sub-Zone located in Illinois by the taxpayer,
the amount of |
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1 | | such increase shall be deemed property placed in service on
|
2 | | the date of such increase in basis. |
3 | | (5) The term "placed in service" shall have the same |
4 | | meaning as under
Section 46 of the Internal Revenue Code. |
5 | | (6) If during any taxable year ending on or before |
6 | | December 31, 1996,
any property ceases to be qualified
|
7 | | property in the hands of the taxpayer within 48 months |
8 | | after being placed
in service, or the situs of any |
9 | | qualified property is moved outside
Illinois within 48 |
10 | | months after being placed in service, the tax imposed
under |
11 | | subsections (a) and (b) of this Section for such taxable |
12 | | year shall
be increased. Such increase shall be determined |
13 | | by (i) recomputing the
investment credit which would have |
14 | | been allowed for the year in which
credit for such property |
15 | | was originally allowed by eliminating such
property from |
16 | | such computation, and (ii) subtracting such recomputed |
17 | | credit
from the amount of credit previously allowed. For |
18 | | the purposes of this
paragraph (6), a reduction of the |
19 | | basis of qualified property resulting
from a |
20 | | redetermination of the purchase price shall be deemed a |
21 | | disposition
of qualified property to the extent of such |
22 | | reduction. |
23 | | (7) Beginning with tax years ending after December 31, |
24 | | 1996, if a
taxpayer qualifies for the credit under this |
25 | | subsection (h) and thereby is
granted a tax abatement and |
26 | | the taxpayer relocates its entire facility in
violation of |
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1 | | the explicit terms and length of the contract under Section
|
2 | | 18-183 of the Property Tax Code, the tax imposed under |
3 | | subsections
(a) and (b) of this Section shall be increased |
4 | | for the taxable year
in which the taxpayer relocated its |
5 | | facility by an amount equal to the
amount of credit |
6 | | received by the taxpayer under this subsection (h). |
7 | | (i) Credit for Personal Property Tax Replacement Income |
8 | | Tax.
For tax years ending prior to December 31, 2003, a credit |
9 | | shall be allowed
against the tax imposed by
subsections (a) and |
10 | | (b) of this Section for the tax imposed by subsections (c)
and |
11 | | (d) of this Section. This credit shall be computed by |
12 | | multiplying the tax
imposed by subsections (c) and (d) of this |
13 | | Section by a fraction, the numerator
of which is base income |
14 | | allocable to Illinois and the denominator of which is
Illinois |
15 | | base income, and further multiplying the product by the tax |
16 | | rate
imposed by subsections (a) and (b) of this Section. |
17 | | Any credit earned on or after December 31, 1986 under
this |
18 | | subsection which is unused in the year
the credit is computed |
19 | | because it exceeds the tax liability imposed by
subsections (a) |
20 | | and (b) for that year (whether it exceeds the original
|
21 | | liability or the liability as later amended) may be carried |
22 | | forward and
applied to the tax liability imposed by subsections |
23 | | (a) and (b) of the 5
taxable years following the excess credit |
24 | | year, provided that no credit may
be carried forward to any |
25 | | year ending on or
after December 31, 2003. This credit shall be
|
26 | | applied first to the earliest year for which there is a |
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1 | | liability. If
there is a credit under this subsection from more |
2 | | than one tax year that is
available to offset a liability the |
3 | | earliest credit arising under this
subsection shall be applied |
4 | | first. |
5 | | If, during any taxable year ending on or after December 31, |
6 | | 1986, the
tax imposed by subsections (c) and (d) of this |
7 | | Section for which a taxpayer
has claimed a credit under this |
8 | | subsection (i) is reduced, the amount of
credit for such tax |
9 | | shall also be reduced. Such reduction shall be
determined by |
10 | | recomputing the credit to take into account the reduced tax
|
11 | | imposed by subsections (c) and (d). If any portion of the
|
12 | | reduced amount of credit has been carried to a different |
13 | | taxable year, an
amended return shall be filed for such taxable |
14 | | year to reduce the amount of
credit claimed. |
15 | | (j) Training expense credit. Beginning with tax years |
16 | | ending on or
after December 31, 1986 and prior to December 31, |
17 | | 2003, a taxpayer shall be
allowed a credit against the
tax |
18 | | imposed by subsections (a) and (b) under this Section
for all |
19 | | amounts paid or accrued, on behalf of all persons
employed by |
20 | | the taxpayer in Illinois or Illinois residents employed
outside |
21 | | of Illinois by a taxpayer, for educational or vocational |
22 | | training in
semi-technical or technical fields or semi-skilled |
23 | | or skilled fields, which
were deducted from gross income in the |
24 | | computation of taxable income. The
credit against the tax |
25 | | imposed by subsections (a) and (b) shall be 1.6% of
such |
26 | | training expenses. For partners, shareholders of subchapter S
|
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1 | | corporations, and owners of limited liability companies, if the |
2 | | liability
company is treated as a partnership for purposes of |
3 | | federal and State income
taxation, there shall be allowed a |
4 | | credit under this subsection (j) to be
determined in accordance |
5 | | with the determination of income and distributive
share of |
6 | | income under Sections 702 and 704 and subchapter S of the |
7 | | Internal
Revenue Code. |
8 | | Any credit allowed under this subsection which is unused in |
9 | | the year
the credit is earned may be carried forward to each of |
10 | | the 5 taxable
years following the year for which the credit is |
11 | | first computed until it is
used. This credit shall be applied |
12 | | first to the earliest year for which
there is a liability. If |
13 | | there is a credit under this subsection from more
than one tax |
14 | | year that is available to offset a liability the earliest
|
15 | | credit arising under this subsection shall be applied first. No |
16 | | carryforward
credit may be claimed in any tax year ending on or |
17 | | after
December 31, 2003. |
18 | | (k) Research and development credit. For tax years ending |
19 | | after July 1, 1990 and prior to
December 31, 2003, and |
20 | | beginning again for tax years ending on or after December 31, |
21 | | 2004, and ending prior to January 1, 2016, a taxpayer shall be
|
22 | | allowed a credit against the tax imposed by subsections (a) and |
23 | | (b) of this
Section for increasing research activities in this |
24 | | State. The credit
allowed against the tax imposed by |
25 | | subsections (a) and (b) shall be equal
to 6 1/2% of the |
26 | | qualifying expenditures for increasing research activities
in |
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1 | | this State. For partners, shareholders of subchapter S |
2 | | corporations, and
owners of limited liability companies, if the |
3 | | liability company is treated as a
partnership for purposes of |
4 | | federal and State income taxation, there shall be
allowed a |
5 | | credit under this subsection to be determined in accordance |
6 | | with the
determination of income and distributive share of |
7 | | income under Sections 702 and
704 and subchapter S of the |
8 | | Internal Revenue Code. |
9 | | For purposes of this subsection, "qualifying expenditures" |
10 | | means the
qualifying expenditures as defined for the federal |
11 | | credit for increasing
research activities which would be |
12 | | allowable under Section 41 of the
Internal Revenue Code and |
13 | | which are conducted in this State, "qualifying
expenditures for |
14 | | increasing research activities in this State" means the
excess |
15 | | of qualifying expenditures for the taxable year in which |
16 | | incurred
over qualifying expenditures for the base period, |
17 | | "qualifying expenditures
for the base period" means the average |
18 | | of the qualifying expenditures for
each year in the base |
19 | | period, and "base period" means the 3 taxable years
immediately |
20 | | preceding the taxable year for which the determination is
being |
21 | | made. |
22 | | Any credit in excess of the tax liability for the taxable |
23 | | year
may be carried forward. A taxpayer may elect to have the
|
24 | | unused credit shown on its final completed return carried over |
25 | | as a credit
against the tax liability for the following 5 |
26 | | taxable years or until it has
been fully used, whichever occurs |
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1 | | first; provided that no credit earned in a tax year ending |
2 | | prior to December 31, 2003 may be carried forward to any year |
3 | | ending on or after December 31, 2003. |
4 | | If an unused credit is carried forward to a given year from |
5 | | 2 or more
earlier years, that credit arising in the earliest |
6 | | year will be applied
first against the tax liability for the |
7 | | given year. If a tax liability for
the given year still |
8 | | remains, the credit from the next earliest year will
then be |
9 | | applied, and so on, until all credits have been used or no tax
|
10 | | liability for the given year remains. Any remaining unused |
11 | | credit or
credits then will be carried forward to the next |
12 | | following year in which a
tax liability is incurred, except |
13 | | that no credit can be carried forward to
a year which is more |
14 | | than 5 years after the year in which the expense for
which the |
15 | | credit is given was incurred. |
16 | | No inference shall be drawn from this amendatory Act of the |
17 | | 91st General
Assembly in construing this Section for taxable |
18 | | years beginning before January
1, 1999. |
19 | | (l) Environmental Remediation Tax Credit. |
20 | | (i) For tax years ending after December 31, 1997 and on |
21 | | or before
December 31, 2001, a taxpayer shall be allowed a |
22 | | credit against the tax
imposed by subsections (a) and (b) |
23 | | of this Section for certain amounts paid
for unreimbursed |
24 | | eligible remediation costs, as specified in this |
25 | | subsection.
For purposes of this Section, "unreimbursed |
26 | | eligible remediation costs" means
costs approved by the |
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1 | | Illinois Environmental Protection Agency ("Agency") under
|
2 | | Section 58.14 of the Environmental Protection Act that were |
3 | | paid in performing
environmental remediation at a site for |
4 | | which a No Further Remediation Letter
was issued by the |
5 | | Agency and recorded under Section 58.10 of the |
6 | | Environmental
Protection Act. The credit must be claimed |
7 | | for the taxable year in which
Agency approval of the |
8 | | eligible remediation costs is granted. The credit is
not |
9 | | available to any taxpayer if the taxpayer or any related |
10 | | party caused or
contributed to, in any material respect, a |
11 | | release of regulated substances on,
in, or under the site |
12 | | that was identified and addressed by the remedial
action |
13 | | pursuant to the Site Remediation Program of the |
14 | | Environmental Protection
Act. After the Pollution Control |
15 | | Board rules are adopted pursuant to the
Illinois |
16 | | Administrative Procedure Act for the administration and |
17 | | enforcement of
Section 58.9 of the Environmental |
18 | | Protection Act, determinations as to credit
availability |
19 | | for purposes of this Section shall be made consistent with |
20 | | those
rules. For purposes of this Section, "taxpayer" |
21 | | includes a person whose tax
attributes the taxpayer has |
22 | | succeeded to under Section 381 of the Internal
Revenue Code |
23 | | and "related party" includes the persons disallowed a |
24 | | deduction
for losses by paragraphs (b), (c), and (f)(1) of |
25 | | Section 267 of the Internal
Revenue Code by virtue of being |
26 | | a related taxpayer, as well as any of its
partners. The |
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1 | | credit allowed against the tax imposed by subsections (a) |
2 | | and
(b) shall be equal to 25% of the unreimbursed eligible |
3 | | remediation costs in
excess of $100,000 per site, except |
4 | | that the $100,000 threshold shall not apply
to any site |
5 | | contained in an enterprise zone as determined by the |
6 | | Department of
Commerce and Community Affairs (now |
7 | | Department of Commerce and Economic Opportunity). The |
8 | | total credit allowed shall not exceed
$40,000 per year with |
9 | | a maximum total of $150,000 per site. For partners and
|
10 | | shareholders of subchapter S corporations, there shall be |
11 | | allowed a credit
under this subsection to be determined in |
12 | | accordance with the determination of
income and |
13 | | distributive share of income under Sections 702 and 704 and
|
14 | | subchapter S of the Internal Revenue Code. |
15 | | (ii) A credit allowed under this subsection that is |
16 | | unused in the year
the credit is earned may be carried |
17 | | forward to each of the 5 taxable years
following the year |
18 | | for which the credit is first earned until it is used.
The |
19 | | term "unused credit" does not include any amounts of |
20 | | unreimbursed eligible
remediation costs in excess of the |
21 | | maximum credit per site authorized under
paragraph (i). |
22 | | This credit shall be applied first to the earliest year
for |
23 | | which there is a liability. If there is a credit under this |
24 | | subsection
from more than one tax year that is available to |
25 | | offset a liability, the
earliest credit arising under this |
26 | | subsection shall be applied first. A
credit allowed under |
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1 | | this subsection may be sold to a buyer as part of a sale
of |
2 | | all or part of the remediation site for which the credit |
3 | | was granted. The
purchaser of a remediation site and the |
4 | | tax credit shall succeed to the unused
credit and remaining |
5 | | carry-forward period of the seller. To perfect the
|
6 | | transfer, the assignor shall record the transfer in the |
7 | | chain of title for the
site and provide written notice to |
8 | | the Director of the Illinois Department of
Revenue of the |
9 | | assignor's intent to sell the remediation site and the |
10 | | amount of
the tax credit to be transferred as a portion of |
11 | | the sale. In no event may a
credit be transferred to any |
12 | | taxpayer if the taxpayer or a related party would
not be |
13 | | eligible under the provisions of subsection (i). |
14 | | (iii) For purposes of this Section, the term "site" |
15 | | shall have the same
meaning as under Section 58.2 of the |
16 | | Environmental Protection Act. |
17 | | (m) Education expense credit. Beginning with tax years |
18 | | ending after
December 31, 1999, a taxpayer who
is the custodian |
19 | | of one or more qualifying pupils shall be allowed a credit
|
20 | | against the tax imposed by subsections (a) and (b) of this |
21 | | Section for
qualified education expenses incurred on behalf of |
22 | | the qualifying pupils.
The credit shall be equal to 25% of |
23 | | qualified education expenses, but in no
event may the total |
24 | | credit under this subsection claimed by a
family that is the
|
25 | | custodian of qualifying pupils exceed $500. In no event shall a |
26 | | credit under
this subsection reduce the taxpayer's liability |
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1 | | under this Act to less than
zero. This subsection is exempt |
2 | | from the provisions of Section 250 of this
Act. |
3 | | For purposes of this subsection: |
4 | | "Qualifying pupils" means individuals who (i) are |
5 | | residents of the State of
Illinois, (ii) are under the age of |
6 | | 21 at the close of the school year for
which a credit is |
7 | | sought, and (iii) during the school year for which a credit
is |
8 | | sought were full-time pupils enrolled in a kindergarten through |
9 | | twelfth
grade education program at any school, as defined in |
10 | | this subsection. |
11 | | "Qualified education expense" means the amount incurred
on |
12 | | behalf of a qualifying pupil in excess of $250 for tuition, |
13 | | book fees, and
lab fees at the school in which the pupil is |
14 | | enrolled during the regular school
year. |
15 | | "School" means any public or nonpublic elementary or |
16 | | secondary school in
Illinois that is in compliance with Title |
17 | | VI of the Civil Rights Act of 1964
and attendance at which |
18 | | satisfies the requirements of Section 26-1 of the
School Code, |
19 | | except that nothing shall be construed to require a child to
|
20 | | attend any particular public or nonpublic school to qualify for |
21 | | the credit
under this Section. |
22 | | "Custodian" means, with respect to qualifying pupils, an |
23 | | Illinois resident
who is a parent, the parents, a legal |
24 | | guardian, or the legal guardians of the
qualifying pupils. |
25 | | (n) River Edge Redevelopment Zone site remediation tax |
26 | | credit.
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1 | | (i) For tax years ending on or after December 31, 2006, |
2 | | a taxpayer shall be allowed a credit against the tax |
3 | | imposed by subsections (a) and (b) of this Section for |
4 | | certain amounts paid for unreimbursed eligible remediation |
5 | | costs, as specified in this subsection. For purposes of |
6 | | this Section, "unreimbursed eligible remediation costs" |
7 | | means costs approved by the Illinois Environmental |
8 | | Protection Agency ("Agency") under Section 58.14a of the |
9 | | Environmental Protection Act that were paid in performing |
10 | | environmental remediation at a site within a River Edge |
11 | | Redevelopment Zone for which a No Further Remediation |
12 | | Letter was issued by the Agency and recorded under Section |
13 | | 58.10 of the Environmental Protection Act. The credit must |
14 | | be claimed for the taxable year in which Agency approval of |
15 | | the eligible remediation costs is granted. The credit is |
16 | | not available to any taxpayer if the taxpayer or any |
17 | | related party caused or contributed to, in any material |
18 | | respect, a release of regulated substances on, in, or under |
19 | | the site that was identified and addressed by the remedial |
20 | | action pursuant to the Site Remediation Program of the |
21 | | Environmental Protection Act. Determinations as to credit |
22 | | availability for purposes of this Section shall be made |
23 | | consistent with rules adopted by the Pollution Control |
24 | | Board pursuant to the Illinois Administrative Procedure |
25 | | Act for the administration and enforcement of Section 58.9 |
26 | | of the Environmental Protection Act. For purposes of this |
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1 | | Section, "taxpayer" includes a person whose tax attributes |
2 | | the taxpayer has succeeded to under Section 381 of the |
3 | | Internal Revenue Code and "related party" includes the |
4 | | persons disallowed a deduction for losses by paragraphs |
5 | | (b), (c), and (f)(1) of Section 267 of the Internal Revenue |
6 | | Code by virtue of being a related taxpayer, as well as any |
7 | | of its partners. The credit allowed against the tax imposed |
8 | | by subsections (a) and (b) shall be equal to 25% of the |
9 | | unreimbursed eligible remediation costs in excess of |
10 | | $100,000 per site. |
11 | | (ii) A credit allowed under this subsection that is |
12 | | unused in the year the credit is earned may be carried |
13 | | forward to each of the 5 taxable years following the year |
14 | | for which the credit is first earned until it is used. This |
15 | | credit shall be applied first to the earliest year for |
16 | | which there is a liability. If there is a credit under this |
17 | | subsection from more than one tax year that is available to |
18 | | offset a liability, the earliest credit arising under this |
19 | | subsection shall be applied first. A credit allowed under |
20 | | this subsection may be sold to a buyer as part of a sale of |
21 | | all or part of the remediation site for which the credit |
22 | | was granted. The purchaser of a remediation site and the |
23 | | tax credit shall succeed to the unused credit and remaining |
24 | | carry-forward period of the seller. To perfect the |
25 | | transfer, the assignor shall record the transfer in the |
26 | | chain of title for the site and provide written notice to |
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1 | | the Director of the Illinois Department of Revenue of the |
2 | | assignor's intent to sell the remediation site and the |
3 | | amount of the tax credit to be transferred as a portion of |
4 | | the sale. In no event may a credit be transferred to any |
5 | | taxpayer if the taxpayer or a related party would not be |
6 | | eligible under the provisions of subsection (i). |
7 | | (iii) For purposes of this Section, the term "site" |
8 | | shall have the same meaning as under Section 58.2 of the |
9 | | Environmental Protection Act. |
10 | | (Source: P.A. 96-115, eff. 7-31-09; 96-116, eff. 7-31-09; |
11 | | 96-937, eff. 6-23-10; 96-1000, eff. 7-2-10; 96-1496, eff. |
12 | | 1-13-11; 97-2, eff. 5-6-11; 97-636, eff. 6-1-12; 97-905, eff. |
13 | | 8-7-12.) |
14 | | (35 ILCS 5/901) (from Ch. 120, par. 9-901) |
15 | | Sec. 901. Collection Authority. |
16 | | (a) In general. |
17 | | The Department shall collect the taxes imposed by this Act. |
18 | | The Department
shall collect certified past due child support |
19 | | amounts under Section 2505-650
of the Department of Revenue Law |
20 | | (20 ILCS 2505/2505-650). Except as
provided in subsections (c) |
21 | | and , (e) , (f), and (g) of this Section, money collected
|
22 | | pursuant to subsections (a) and (b) of Section 201 of this Act |
23 | | shall be
paid into the General Revenue Fund in the State |
24 | | treasury; money
collected pursuant to subsections (c) and (d) |
25 | | of Section 201 of this Act
shall be paid into the Personal |
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1 | | Property Tax Replacement Fund, a special
fund in the State |
2 | | Treasury; and money collected under Section 2505-650 of the
|
3 | | Department of Revenue Law (20 ILCS 2505/2505-650) shall be paid
|
4 | | into the
Child Support Enforcement Trust Fund, a special fund |
5 | | outside the State
Treasury, or
to the State
Disbursement Unit |
6 | | established under Section 10-26 of the Illinois Public Aid
|
7 | | Code, as directed by the Department of Healthcare and Family |
8 | | Services. |
9 | | (b) Local Government Distributive Fund. |
10 | | Beginning August 1, 1969, and continuing through June 30, |
11 | | 1994, the Treasurer
shall transfer each month from the General |
12 | | Revenue Fund to a special fund in
the State treasury, to be |
13 | | known as the "Local Government Distributive Fund", an
amount |
14 | | equal to 1/12 of the net revenue realized from the tax imposed |
15 | | by
subsections (a) and (b) of Section 201 of this Act during |
16 | | the preceding month.
Beginning July 1, 1994, and continuing |
17 | | through June 30, 1995, the Treasurer
shall transfer each month |
18 | | from the General Revenue Fund to the Local Government
|
19 | | Distributive Fund an amount equal to 1/11 of the net revenue |
20 | | realized from the
tax imposed by subsections (a) and (b) of |
21 | | Section 201 of this Act during the
preceding month. Beginning |
22 | | July 1, 1995 and continuing through January 31, 2011, and |
23 | | beginning again on February 1, 2013, the Treasurer shall |
24 | | transfer each
month from the General Revenue Fund to the Local |
25 | | Government Distributive Fund
an amount equal to the net of (i) |
26 | | 1/10 of the net revenue realized from the
tax imposed by
|
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1 | | subsections (a) and (b) of Section 201 of the Illinois Income |
2 | | Tax Act during
the preceding month
(ii) minus, beginning July |
3 | | 1, 2003 and ending June 30, 2004, $6,666,666, and
beginning |
4 | | July 1,
2004,
zero. Beginning February 1, 2011, and continuing |
5 | | through January 31, 2013, January 31, 2015, the Treasurer shall |
6 | | transfer each month from the General Revenue Fund to the Local |
7 | | Government Distributive Fund an amount equal to the sum of (i) |
8 | | 6% (10% of the ratio of the 3% individual income tax rate prior |
9 | | to 2011 to the 5% individual income tax rate after 2010) of the |
10 | | net revenue realized from the tax imposed by subsections (a) |
11 | | and (b) of Section 201 of this Act upon individuals, trusts, |
12 | | and estates during the preceding month and (ii) 6.86% (10% of |
13 | | the ratio of the 4.8% corporate income tax rate prior to 2011 |
14 | | to the 7% corporate income tax rate after 2010) of the net |
15 | | revenue realized from the tax imposed by subsections (a) and |
16 | | (b) of Section 201 of this Act upon corporations during the |
17 | | preceding month. Beginning February 1, 2015 and continuing |
18 | | through January 31, 2025, the Treasurer shall transfer each |
19 | | month from the General Revenue Fund to the Local Government |
20 | | Distributive Fund an amount equal to the sum of (i) 8% (10% of |
21 | | the ratio of the 3% individual income tax rate prior to 2011 to |
22 | | the 3.75% individual income tax rate after 2014) of the net |
23 | | revenue realized from the tax imposed by subsections (a) and |
24 | | (b) of Section 201 of this Act upon individuals, trusts, and |
25 | | estates during the preceding month and (ii) 9.14% (10% of the |
26 | | ratio of the 4.8% corporate income tax rate prior to 2011 to |
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1 | | the 5.25% corporate income tax rate after 2014) of the net |
2 | | revenue realized from the tax imposed by subsections (a) and |
3 | | (b) of Section 201 of this Act upon corporations during the |
4 | | preceding month. Beginning February 1, 2025, the Treasurer |
5 | | shall transfer each month from the General Revenue Fund to the |
6 | | Local Government Distributive Fund an amount equal to the sum |
7 | | of (i) 9.23% (10% of the ratio of the 3% individual income tax |
8 | | rate prior to 2011 to the 3.25% individual income tax rate |
9 | | after 2024) of the net revenue realized from the tax imposed by |
10 | | subsections (a) and (b) of Section 201 of this Act upon |
11 | | individuals, trusts, and estates during the preceding month and |
12 | | (ii) 10% of the net revenue realized from the tax imposed by |
13 | | subsections (a) and (b) of Section 201 of this Act upon |
14 | | corporations during the preceding month. Net revenue realized |
15 | | for a month shall be defined as the
revenue from the tax |
16 | | imposed by subsections (a) and (b) of Section 201 of this
Act |
17 | | which is deposited in the General Revenue Fund, the Education |
18 | | Assistance
Fund, and the Income Tax Surcharge Local Government |
19 | | Distributive Fund , the Fund for the Advancement of Education, |
20 | | and the Commitment to Human Services Fund during the
month |
21 | | minus the amount paid out of the General Revenue Fund in State |
22 | | warrants
during that same month as refunds to taxpayers for |
23 | | overpayment of liability
under the tax imposed by subsections |
24 | | (a) and (b) of Section 201 of this Act. |
25 | | (c) Deposits Into Income Tax Refund Fund. |
26 | | (1) Beginning on January 1, 1989 and thereafter, the |
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1 | | Department shall
deposit a percentage of the amounts |
2 | | collected pursuant to subsections (a)
and (b)(1), (2), and |
3 | | (3), of Section 201 of this Act into a fund in the State
|
4 | | treasury known as the Income Tax Refund Fund. The |
5 | | Department shall deposit 6%
of such amounts during the |
6 | | period beginning January 1, 1989 and ending on June
30, |
7 | | 1989. Beginning with State fiscal year 1990 and for each |
8 | | fiscal year
thereafter, the percentage deposited into the |
9 | | Income Tax Refund Fund during a
fiscal year shall be the |
10 | | Annual Percentage. For fiscal years 1999 through
2001, the |
11 | | Annual Percentage shall be 7.1%.
For fiscal year 2003, the |
12 | | Annual Percentage shall be 8%.
For fiscal year 2004, the |
13 | | Annual Percentage shall be 11.7%. Upon the effective date |
14 | | of this amendatory Act of the 93rd General Assembly, the |
15 | | Annual Percentage shall be 10% for fiscal year 2005. For |
16 | | fiscal year 2006, the Annual Percentage shall be 9.75%. For |
17 | | fiscal
year 2007, the Annual Percentage shall be 9.75%. For |
18 | | fiscal year 2008, the Annual Percentage shall be 7.75%. For |
19 | | fiscal year 2009, the Annual Percentage shall be 9.75%. For |
20 | | fiscal year 2010, the Annual Percentage shall be 9.75%. For |
21 | | fiscal year 2011, the Annual Percentage shall be 8.75%. For |
22 | | fiscal year 2012, the Annual Percentage shall be 8.75%. For |
23 | | fiscal year 2013, the Annual Percentage shall be 9.75%. For |
24 | | all other
fiscal years, the
Annual Percentage shall be |
25 | | calculated as a fraction, the numerator of which
shall be |
26 | | the amount of refunds approved for payment by the |
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1 | | Department during
the preceding fiscal year as a result of |
2 | | overpayment of tax liability under
subsections (a) and |
3 | | (b)(1), (2), and (3) of Section 201 of this Act plus the
|
4 | | amount of such refunds remaining approved but unpaid at the |
5 | | end of the
preceding fiscal year, minus the amounts |
6 | | transferred into the Income Tax
Refund Fund from the |
7 | | Tobacco Settlement Recovery Fund, and
the denominator of |
8 | | which shall be the amounts which will be collected pursuant
|
9 | | to subsections (a) and (b)(1), (2), and (3) of Section 201 |
10 | | of this Act during
the preceding fiscal year; except that |
11 | | in State fiscal year 2002, the Annual
Percentage shall in |
12 | | no event exceed 7.6%. The Director of Revenue shall
certify |
13 | | the Annual Percentage to the Comptroller on the last |
14 | | business day of
the fiscal year immediately preceding the |
15 | | fiscal year for which it is to be
effective. |
16 | | (2) Beginning on January 1, 1989 and thereafter, the |
17 | | Department shall
deposit a percentage of the amounts |
18 | | collected pursuant to subsections (a)
and (b)(6), (7), and |
19 | | (8), (c) and (d) of Section 201
of this Act into a fund in |
20 | | the State treasury known as the Income Tax
Refund Fund. The |
21 | | Department shall deposit 18% of such amounts during the
|
22 | | period beginning January 1, 1989 and ending on June 30, |
23 | | 1989. Beginning
with State fiscal year 1990 and for each |
24 | | fiscal year thereafter, the
percentage deposited into the |
25 | | Income Tax Refund Fund during a fiscal year
shall be the |
26 | | Annual Percentage. For fiscal years 1999, 2000, and 2001, |
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1 | | the
Annual Percentage shall be 19%.
For fiscal year 2003, |
2 | | the Annual Percentage shall be 27%. For fiscal year
2004, |
3 | | the Annual Percentage shall be 32%.
Upon the effective date |
4 | | of this amendatory Act of the 93rd General Assembly, the |
5 | | Annual Percentage shall be 24% for fiscal year 2005.
For |
6 | | fiscal year 2006, the Annual Percentage shall be 20%. For |
7 | | fiscal
year 2007, the Annual Percentage shall be 17.5%. For |
8 | | fiscal year 2008, the Annual Percentage shall be 15.5%. For |
9 | | fiscal year 2009, the Annual Percentage shall be 17.5%. For |
10 | | fiscal year 2010, the Annual Percentage shall be 17.5%. For |
11 | | fiscal year 2011, the Annual Percentage shall be 17.5%. For |
12 | | fiscal year 2012, the Annual Percentage shall be 17.5%. For |
13 | | fiscal year 2013, the Annual Percentage shall be 14%. For |
14 | | all other fiscal years, the Annual
Percentage shall be |
15 | | calculated
as a fraction, the numerator of which shall be |
16 | | the amount of refunds
approved for payment by the |
17 | | Department during the preceding fiscal year as
a result of |
18 | | overpayment of tax liability under subsections (a) and |
19 | | (b)(6),
(7), and (8), (c) and (d) of Section 201 of this |
20 | | Act plus the
amount of such refunds remaining approved but |
21 | | unpaid at the end of the
preceding fiscal year, and the |
22 | | denominator of
which shall be the amounts which will be |
23 | | collected pursuant to subsections (a)
and (b)(6), (7), and |
24 | | (8), (c) and (d) of Section 201 of this Act during the
|
25 | | preceding fiscal year; except that in State fiscal year |
26 | | 2002, the Annual
Percentage shall in no event exceed 23%. |
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1 | | The Director of Revenue shall
certify the Annual Percentage |
2 | | to the Comptroller on the last business day of
the fiscal |
3 | | year immediately preceding the fiscal year for which it is |
4 | | to be
effective. |
5 | | (3) The Comptroller shall order transferred and the |
6 | | Treasurer shall
transfer from the Tobacco Settlement |
7 | | Recovery Fund to the Income Tax Refund
Fund (i) $35,000,000 |
8 | | in January, 2001, (ii) $35,000,000 in January, 2002, and
|
9 | | (iii) $35,000,000 in January, 2003. |
10 | | (d) Expenditures from Income Tax Refund Fund. |
11 | | (1) Beginning January 1, 1989, money in the Income Tax |
12 | | Refund Fund
shall be expended exclusively for the purpose |
13 | | of paying refunds resulting
from overpayment of tax |
14 | | liability under Section 201 of this Act, for paying
rebates |
15 | | under Section 208.1 in the event that the amounts in the |
16 | | Homeowners'
Tax Relief Fund are insufficient for that |
17 | | purpose,
and for
making transfers pursuant to this |
18 | | subsection (d). |
19 | | (2) The Director shall order payment of refunds |
20 | | resulting from
overpayment of tax liability under Section |
21 | | 201 of this Act from the
Income Tax Refund Fund only to the |
22 | | extent that amounts collected pursuant
to Section 201 of |
23 | | this Act and transfers pursuant to this subsection (d)
and |
24 | | item (3) of subsection (c) have been deposited and retained |
25 | | in the
Fund. |
26 | | (3) As soon as possible after the end of each fiscal |
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1 | | year, the Director
shall
order transferred and the State |
2 | | Treasurer and State Comptroller shall
transfer from the |
3 | | Income Tax Refund Fund to the Personal Property Tax
|
4 | | Replacement Fund an amount, certified by the Director to |
5 | | the Comptroller,
equal to the excess of the amount |
6 | | collected pursuant to subsections (c) and
(d) of Section |
7 | | 201 of this Act deposited into the Income Tax Refund Fund
|
8 | | during the fiscal year over the amount of refunds resulting |
9 | | from
overpayment of tax liability under subsections (c) and |
10 | | (d) of Section 201
of this Act paid from the Income Tax |
11 | | Refund Fund during the fiscal year. |
12 | | (4) As soon as possible after the end of each fiscal |
13 | | year, the Director shall
order transferred and the State |
14 | | Treasurer and State Comptroller shall
transfer from the |
15 | | Personal Property Tax Replacement Fund to the Income Tax
|
16 | | Refund Fund an amount, certified by the Director to the |
17 | | Comptroller, equal
to the excess of the amount of refunds |
18 | | resulting from overpayment of tax
liability under |
19 | | subsections (c) and (d) of Section 201 of this Act paid
|
20 | | from the Income Tax Refund Fund during the fiscal year over |
21 | | the amount
collected pursuant to subsections (c) and (d) of |
22 | | Section 201 of this Act
deposited into the Income Tax |
23 | | Refund Fund during the fiscal year. |
24 | | (4.5) As soon as possible after the end of fiscal year |
25 | | 1999 and of each
fiscal year
thereafter, the Director shall |
26 | | order transferred and the State Treasurer and
State |
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1 | | Comptroller shall transfer from the Income Tax Refund Fund |
2 | | to the General
Revenue Fund any surplus remaining in the |
3 | | Income Tax Refund Fund as of the end
of such fiscal year; |
4 | | excluding for fiscal years 2000, 2001, and 2002
amounts |
5 | | attributable to transfers under item (3) of subsection (c) |
6 | | less refunds
resulting from the earned income tax credit. |
7 | | (5) This Act shall constitute an irrevocable and |
8 | | continuing
appropriation from the Income Tax Refund Fund |
9 | | for the purpose of paying
refunds upon the order of the |
10 | | Director in accordance with the provisions of
this Section. |
11 | | (e) Deposits into the Education Assistance Fund and the |
12 | | Income Tax
Surcharge Local Government Distributive Fund. |
13 | | On July 1, 1991, and thereafter, of the amounts collected |
14 | | pursuant to
subsections (a) and (b) of Section 201 of this Act, |
15 | | minus deposits into the
Income Tax Refund Fund, the Department |
16 | | shall deposit 7.3% into the
Education Assistance Fund in the |
17 | | State Treasury. Beginning July 1, 1991,
and continuing through |
18 | | January 31, 1993, of the amounts collected pursuant to
|
19 | | subsections (a) and (b) of Section 201 of the Illinois Income |
20 | | Tax Act, minus
deposits into the Income Tax Refund Fund, the |
21 | | Department shall deposit 3.0%
into the Income Tax Surcharge |
22 | | Local Government Distributive Fund in the State
Treasury. |
23 | | Beginning February 1, 1993 and continuing through June 30, |
24 | | 1993, of
the amounts collected pursuant to subsections (a) and |
25 | | (b) of Section 201 of the
Illinois Income Tax Act, minus |
26 | | deposits into the Income Tax Refund Fund, the
Department shall |
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1 | | deposit 4.4% into the Income Tax Surcharge Local Government
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2 | | Distributive Fund in the State Treasury. Beginning July 1, |
3 | | 1993, and
continuing through June 30, 1994, of the amounts |
4 | | collected under subsections
(a) and (b) of Section 201 of this |
5 | | Act, minus deposits into the Income Tax
Refund Fund, the |
6 | | Department shall deposit 1.475% into the Income Tax Surcharge
|
7 | | Local Government Distributive Fund in the State Treasury. |
8 | | (f) (Blank). Deposits into the Fund for the Advancement of |
9 | | Education. Beginning February 1, 2015, the Department shall |
10 | | deposit the following portions of the revenue realized from the |
11 | | tax imposed upon individuals, trusts, and estates by |
12 | | subsections (a) and (b) of Section 201 of this Act during the |
13 | | preceding month, minus deposits into the Income Tax Refund |
14 | | Fund, into the Fund for the Advancement of Education: |
15 | | (1) beginning February 1, 2015, and prior to February |
16 | | 1, 2025, 1/30; and |
17 | | (2) beginning February 1, 2025, 1/26. |
18 | | If the rate of tax imposed by subsection (a) and (b) of |
19 | | Section 201 is reduced pursuant to Section 201.5 of this Act, |
20 | | the Department shall not make the deposits required by this |
21 | | subsection (f) on or after the effective date of the reduction. |
22 | | (g) (Blank). Deposits into the Commitment to Human Services |
23 | | Fund. Beginning February 1, 2015, the Department shall deposit |
24 | | the following portions of the revenue realized from the tax |
25 | | imposed upon individuals, trusts, and estates by subsections |
26 | | (a) and (b) of Section 201 of this Act during the preceding |
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1 | | month, minus deposits into the Income Tax Refund Fund, into the |
2 | | Commitment to Human Services Fund: |
3 | | (1) beginning February 1, 2015, and prior to February |
4 | | 1, 2025, 1/30; and |
5 | | (2) beginning February 1, 2025, 1/26. |
6 | | If the rate of tax imposed by subsection (a) and (b) of |
7 | | Section 201 is reduced pursuant to Section 201.5 of this Act, |
8 | | the Department shall not make the deposits required by this |
9 | | subsection (g) on or after the effective date of the reduction. |
10 | | (Source: P.A. 96-45, eff. 7-15-09; 96-328, eff. 8-11-09; |
11 | | 96-959, eff. 7-1-10; 96-1496, eff. 1-13-11; 97-72, eff. 7-1-11; |
12 | | 97-732, eff. 6-30-12.) |
13 | | (30 ILCS 105/5.786 rep.) |
14 | | (30 ILCS 105/5.787 rep.) |
15 | | (30 ILCS 105/6z-85 rep.) |
16 | | (30 ILCS 105/6z-86 rep.) |
17 | | Section 15. The State Finance Act is amended by repealing |
18 | | Sections 5.786, 5.787, 6z-85, and 6z-86. |
19 | | (35 ILCS 5/201.5 rep.) |
20 | | Section 20. The Illinois Income Tax Act is amended by |
21 | | repealing Section 201.5.
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22 | | Section 99. Effective date. This Act takes effect upon |
23 | | becoming law.
|