Illinois General Assembly - Bill Status for HB5413

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Bill Status of HB5413 98th General Assembly

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Short Description: INC TX-PRODUCTION CREDIT

House Sponsors
Rep. Dennis M. Reboletti and Laura Fine

Last Action

Date	Chamber	Action
12/3/2014	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/224 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to a percentage of the taxpayer's qualified production activities income. Provides that, for taxable years ending on or after December 31, 2014 and prior to December 31, 2015, the credit shall be 2% of the taxpayer's qualified production activities income for the taxable year; for taxable years ending on or after December 31, 2015 and prior to December 31, 2016, the credit shall be 4% of the taxpayer's qualified production activities income for the taxable year; and for taxable years ending on or after December 31, 2016, the credit shall be 6.2% of the taxpayer's qualified production activities income for the taxable year. Provides that excess credit amounts may be carried forward and applied to the tax liability of the 15 taxable years following the excess credit year. Effective immediately.

Actions

Date	Chamber	Action
2/11/2014	House	Filed with the Clerk by Rep. Dennis M. Reboletti
2/11/2014	House	First Reading
2/11/2014	House	Referred to Rules Committee
3/13/2014	House	Assigned to Revenue & Finance Committee
3/28/2014	House	Rule 19(a) / Re-referred to Rules Committee
4/1/2014	House	Added Co-Sponsor Rep. Laura Fine
12/3/2014	House	Session Sine Die

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