Illinois General Assembly - Bill Status for SB2047
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 Bill Status of SB2047  103rd General Assembly

Short Description:  INC TX-PASS THROUGH

Senate Sponsors
Sen. Win Stoller

House Sponsors
(Rep. Steven Reick)

Last Action
DateChamber Action
  7/28/2023SenatePublic Act . . . . . . . . . 103-0396

Statutes Amended In Order of Appearance
35 ILCS 5/201
35 ILCS 5/214
35 ILCS 5/216
35 ILCS 5/218
35 ILCS 5/222
35 ILCS 5/224
35 ILCS 5/228
35 ILCS 5/229
35 ILCS 5/231
35 ILCS 5/237
35 ILCS 5/251 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, if the taxpayer is a partnership or Subchapter S corporation, the credit is allowed to pass through to the partners and shareholders in accordance with the determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code, or as otherwise agreed by the partners or shareholders, provided that such agreement shall be executed in writing prior to the due date of the return for the taxable year and meet such other requirements as the Department of Revenue may establish by rule.

DateChamber Action
  2/9/2023SenateFiled with Secretary by Sen. Win Stoller
  2/9/2023SenateFirst Reading
  2/9/2023SenateReferred to Assignments
  2/21/2023SenateAssigned to Revenue
  3/9/2023SenateDo Pass Revenue; 009-000-000
  3/9/2023SenatePlaced on Calendar Order of 2nd Reading March 10, 2023
  3/21/2023SenateSecond Reading
  3/21/2023SenatePlaced on Calendar Order of 3rd Reading March 22, 2023
  3/23/2023SenatePlaced on Calendar Order of 3rd Reading ** March 24, 2023
  3/29/2023SenateThird Reading - Passed; 057-000-000
  3/30/2023HouseArrived in House
  3/30/2023HouseChief House Sponsor Rep. Steven Reick
  3/30/2023HouseFirst Reading
  3/30/2023HouseReferred to Rules Committee
  4/18/2023HouseAssigned to Revenue & Finance Committee
  4/26/2023HouseDo Pass / Short Debate Revenue & Finance Committee; 019-000-000
  4/26/2023HousePlaced on Calendar 2nd Reading - Short Debate
  5/2/2023HouseSecond Reading - Short Debate
  5/2/2023HousePlaced on Calendar Order of 3rd Reading - Short Debate
  5/11/2023HouseThird Reading - Short Debate - Passed 110-000-000
  5/11/2023SenatePassed Both Houses
  6/9/2023SenateSent to the Governor
  7/28/2023SenateGovernor Approved
  7/28/2023SenateEffective Date January 1, 2024
  7/28/2023SenatePublic Act . . . . . . . . . 103-0396

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