Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 115/3-55

(35 ILCS 115/3-55)

Sec. 3-55. Sunset of exemptions, credits, and deductions.

(a) The application
of every exemption, credit, and deduction against tax imposed by this Act that
becomes law after the effective date of this amendatory Act of 1994 shall be
limited by a reasonable and appropriate sunset date.  A taxpayer is not
entitled to take the exemption, credit, or deduction beginning on the sunset
date and thereafter. Except as provided in subsection (b) of this Section, if a reasonable and appropriate sunset date is not
specified in the Public Act that creates the exemption, credit, or deduction, a
taxpayer shall not be entitled to take the exemption, credit, or deduction
beginning 5 years after the effective date of the Public Act creating the
exemption, credit, or deduction and thereafter.

(b) Notwithstanding the provisions of subsection (a) of this Section, the sunset date of any exemption, credit, or deduction that is scheduled to expire in 2011, 2012, or 2013 by operation of this Section shall be extended by 5 years.

(Source: P.A. 97-636, eff. 6-1-12.)