Illinois General Assembly - Full Text of HB0485
Illinois General Assembly

Previous General Assemblies

Full Text of HB0485  97th General Assembly




State of Illinois
2011 and 2012


Introduced 01/31/11, by Rep. Michael J. Madigan


35 ILCS 5/250

    Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the sunset of exemptions, credits, and deductions.

LRB097 03310 HLH 43347 b





HB0485LRB097 03310 HLH 43347 b

1    AN ACT concerning revenue.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Income Tax Act is amended by
5changing Section 250 as follows:
6    (35 ILCS 5/250)
7    Sec. 250. Sunset of exemptions, credits, and deductions.
8The The application of every exemption, credit, and deduction
9against tax imposed by this Act that becomes law after the
10effective date of this amendatory Act of 1994 shall be limited
11by a reasonable and appropriate sunset date. A taxpayer is not
12entitled to take the exemption, credit, or deduction for tax
13years beginning on or after the sunset date. If a reasonable
14and appropriate sunset date is not specified in the Public Act
15that creates the exemption, credit, or deduction, a taxpayer
16shall not be entitled to take the exemption, credit, or
17deduction for tax years beginning on or after 5 years after the
18effective date of the Public Act creating the exemption,
19credit, or deduction and thereafter; provided, however, that in
20the case of any Public Act authorizing the issuance of
21tax-exempt obligations that does not specify a sunset date for
22the exemption or deduction of income derived from the
23obligations, the exemption or deduction shall not terminate



HB0485- 2 -LRB097 03310 HLH 43347 b

1until after the obligations have been paid by the issuer.
2(Source: P.A. 88-660, eff. 9-16-94; 89-460, eff. 5-24-96.)