[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
90_SB0577
35 ILCS 5/211 new
Amends the Illinois Income Tax Act. Provides that each
corporation shall aggregate all amounts claimed as credits
and the tax saved by all deductions and exemptions and shall
use an amount equal to 10% of that aggregate amount plus any
amounts currently being used for job training to maintain or
improve the existing job training program, or if no job
training program exists, to create one. Requires that each
corporation claiming a credit, deduction, or exemption shall
annually report to the Department of Revenue on these job
training programs for verification purposes. Provides that
if the Department finds that the corporation is not in
compliance with the job training requirements, the
corporation shall refund 100% of amounts claimed as credits
and the tax saved by all deductions and exemptions in the
year preceding the year of noncompliance. Provides that the
Department may adopt rules necessary to enforce these
provisions.
LRB9003113KDks
LRB9003113KDks
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. Job training program. Each corporation
9 subject to this Act shall aggregate the amounts claimed as
10 credits and the tax saved by all exemptions and deductions
11 during the taxable year under this Act and shall use an
12 amount equal to 10% of that aggregate amount plus any amounts
13 currently used for job training programs for costs of
14 maintaining or improving the existing job training program
15 within the corporation or, if no job training program
16 currently exists, for costs of creating a job training
17 program within the corporation. The Department shall
18 prescribe forms that shall be filed annually for purposes of
19 verifying that the required amounts are being used for the
20 job training programs. If the Department finds that any
21 corporation subject to this Act is not complying with the
22 provisions of this Section, the corporation shall refund 100%
23 of the aggregate amount claimed as credits and the tax saved
24 by all exemptions and deductions in the year preceding the
25 year of noncompliance plus interest, in the manner and at the
26 rate prescribed in Section 3-2 of the Uniform Penalty and
27 Interest Act, to the Department. The Department may adopt
28 rules necessary to enforce the provisions of this Section.