Illinois General Assembly - Bill Status for HB3221

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Bill Status of HB3221 93rd General Assembly

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Short Description: INC TAX-UTILITY TAX CREDIT

House Sponsors
Rep. Raymond Poe

Last Action

Date	Chamber	Action
1/11/2005	House	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/213 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that, beginning with taxable years ending on or after December 31, 2003, each taxpayer engaged in production in this State is entitled to an income tax credit in an amount equal to the amount spent by the taxpayer in the taxable year to pay taxes on electricity and natural gas purchased for the production purposes of the taxpayer. Provides that the Department shall establish by rule what constitutes "production". Provides that the tax credit may not reduce the taxpayer's liability to less than zero but may be carried forward for 5 taxable years. Exempts the credit from the sunset provisions of the Act.

Actions

Date	Chamber	Action
2/27/2003	House	Filed with the Clerk by Rep. Raymond Poe
2/27/2003	House	First Reading
2/27/2003	House	Referred to Rules Committee
2/28/2003	House	Assigned to Revenue Committee
3/13/2003	House	Rule 19(a) / Re-referred to Rules Committee
1/11/2005	House	Session Sine Die

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