093_HB1519eng

 
HB1519 Engrossed                     LRB093 10248 SJM 10502 b

 1        AN ACT concerning taxes.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  Illinois  Income  Tax Act is amended by
 5    changing Section 250 as follows:

 6        (35 ILCS 5/250)
 7        Sec. 250.  Sunset of exemptions, credits, and deductions.
 8    The application of every  exemption,  credit,  and  deduction
 9    against  tax  imposed  by  this  Act  that  becomes law after
10    September 16, 1994 (the effective date of Public Act  88-660)
11    this  amendatory Act of 1994 shall be limited by a reasonable
12    and appropriate sunset date.  A taxpayer is not  entitled  to
13    take  the  exemption,  credit,  or  deduction  for  tax years
14    beginning on or after the sunset date.  If a  reasonable  and
15    appropriate  sunset  date  is not specified in the Public Act
16    that creates the exemption, credit, or deduction, a  taxpayer
17    shall  not  be  entitled  to  take  the exemption, credit, or
18    deduction for tax years beginning on or after 5  years  after
19    the  effective date of the Public Act creating the exemption,
20    credit, or deduction and thereafter; provided, however,  that
21    in  the  case  of  any Public Act authorizing the issuance of
22    tax-exempt obligations that does not specify  a  sunset  date
23    for  the  exemption  or  deduction of income derived from the
24    obligations, the exemption or deduction shall  not  terminate
25    until after the obligations have been paid by the issuer.
26    (Source: P.A. 88-660, eff. 9-16-94; 89-460, eff. 5-24-96.)