Full Text of SB0396 098th General Assembly
SB0396 98TH GENERAL ASSEMBLY |
| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 SB0396 Introduced 1/23/2013, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED: | | |
Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning the sunset of exemptions, credits, and deductions.
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| | A BILL FOR |
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| 1 | | AN ACT concerning revenue.
| 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 | | (a) The
The application
of every exemption, credit, and | 9 | | deduction against tax imposed by this Act that
becomes law | 10 | | after the effective date of this amendatory Act of 1994 shall | 11 | | be
limited by a reasonable and appropriate sunset date. A | 12 | | taxpayer is not
entitled to take the exemption, credit, or | 13 | | deduction for tax years beginning on
or after the sunset
date. | 14 | | Except as provided in subsection (b) of this Section, if a | 15 | | reasonable and appropriate sunset date is not
specified in the | 16 | | Public Act that creates the exemption, credit, or deduction, a
| 17 | | taxpayer shall not be entitled to take the exemption, credit, | 18 | | or 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 in
| 21 | | the case of any Public Act authorizing the issuance of | 22 | | tax-exempt obligations
that does not specify a sunset date for | 23 | | the exemption or deduction of income
derived from the |
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| 1 | | obligations, the exemption or deduction shall not terminate
| 2 | | until after the obligations have been paid by the issuer. | 3 | | (b) Notwithstanding the provisions of subsection (a) of | 4 | | this Section, the sunset date of any exemption, credit, or | 5 | | deduction that is scheduled to expire in 2011, 2012, or 2013 by | 6 | | operation of this Section shall be extended by 5 years. | 7 | | (Source: P.A. 97-636, eff. 6-1-12 .)
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