Illinois General Assembly - Bill Status for HB5521

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Bill Status of HB5521 102nd General Assembly

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Short Description: INC TX-EDGE WITHHOLDING

House Sponsors
Rep. Bradley Stephens

Last Action

Date	Chamber	Action
1/10/2023	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 10/5-15

Synopsis As Introduced
Amends the Economic Development for a Growing Economy Tax Credit Act. With respect to credits that are taken against the Taxpayer's withholding tax payments, provides that certain amounts shall be returned to the Department of Commerce and Economic Opportunity and reallocated to the local workforce investment area in which the project was located if, during the term of the Agreement or at any time within 20 years after the expiration of the Agreement, the Taxpayer sells its operations or the principal part of the portion of its operations that is located in the State. Provides that the provisions do not apply if the sale is at a loss to the Taxpayer.

Actions

Date	Chamber	Action
1/28/2022	House	Filed with the Clerk by Rep. Bradley Stephens
1/31/2022	House	First Reading
1/31/2022	House	Referred to Rules Committee
2/9/2022	House	Assigned to Revenue & Finance Committee
2/15/2022	House	To Income Tax Subcommittee
2/18/2022	House	Rule 19(a) / Re-referred to Rules Committee
1/10/2023	House	Session Sine Die

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