Illinois General Assembly - Bill Status for HB4972
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 Bill Status of HB4972  94th General Assembly


House Sponsors
Rep. Bob Biggins

Last Action
DateChamber Action
  1/9/2007HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/203from Ch. 120, par. 2-203
35 ILCS 5/216 new

Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to the qualified costs of a loan issued to cover the on-going business expenses of a vendor or contractor where the State is late, by 90 days or more, in the payment of the vendor's or contractor's proper bill or invoice for goods or services furnished to the State. Requires the taxpayer to make an addition modification to their base income to add back the amount equal to any deduction taken on the taxpayer's federal income tax return for qualified costs of a slow-payment loan for which a credit is received. Effective immediately.

DateChamber Action
  1/19/2006HouseFiled with the Clerk by Rep. Terry R. Parke
  1/19/2006HouseFirst Reading
  1/19/2006HouseReferred to Rules Committee
  2/14/2006HouseAssigned to Revenue Committee
  2/14/2006HouseMotion to Suspend Rule 25 - Prevailed
  2/15/2006HouseChief Sponsor Changed to Rep. Bob Biggins
  2/16/2006HouseMotion Do Pass - Lost Revenue Committee; 005-005-001
  2/16/2006HouseRemains in Revenue Committee
  2/17/2006HouseRule 19(a) / Re-referred to Rules Committee
  1/9/2007HouseSession Sine Die

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