GARCIA. (KENNER-SILVA-MCKEON-O'BRIEN) 35 ILCS 5/201 from Ch. 120, par. 2-201 Amends the Illinois Income Tax Act. Provides that partners and shareholders of Subchapter S corporations shall be allowed the jobs tax credit. Provides that the credit shall be determined in accordance with the determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code. SENATE AMENDMENT NO. 1. Deletes amendatory provisions. Provides that a partnership or Subchapter S corporation that is otherwise eligible for the Jobs Tax Credit for taxpayers conducting a trade or a business in an enterprise zone or High Impact Business may pass the credit through to the shareholders of the corporation or partners of the partnership in the same manner as partnership or Subchapter S corporation income is distributed to partners and shareholders. Provides that the credit may then be applied against the income tax liability of the partner or shareholder. SENATE AMENDMENT NO. 2. Allows the owners of limited liability companies, if the company is treated as a partnership for federal and State income tax purposes, the investment credit, the jobs tax credit, and the training expense credit. 97-01-09 S FIRST READING 97-01-09 S REFERRED TO SENATE RULES COMMITTEE RULES 97-01-22 S ASSIGNED TO COMMITTEE REVENUE 97-01-30 S AMENDMENT NO. 01-REVENUE S 97-01-30 S ADOPTED 97-01-30 S DO PASS AS AMENDED 010-000-000 SREV 97-01-30 S PLACED ON CALENDAR ORDER OF 2ND READING 97-02-04 97-02-05 S SECOND READING 97-02-05 S PLACED ON CALENDAR ORDER OF 3RD READING 97-02-06 97-03-11 S FILED WITH SECRETARY 97-03-11 S AMENDMENT NO. 02-PETERSON 97-03-11 S AMENDMENT REFERRED TO SRUL 97-03-12 S AMENDMENT NO. 02-PETERSON 97-03-12 S BE APPROVED FOR CONSIDERATION SRUL 97-03-13 S RECALLED TO SECOND READING 97-03-13 S AMENDMENT NO. 02-PETERSON 97-03-13 S ADOPTED 97-03-13 S PLACED ON CALENDAR ORDER OF 3RD READING 97-03-14 97-03-14 S THIRD READING - PASSED 056-000-000 97-03-14 H ARRIVE IN HOUSE 97-03-14 H PLACED CALENDAR ORDER OF FIRST READING 97-03-18 H HOUSE SPONSOR KENNER 97-03-18 H FIRST READING 97-03-18 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-03-20 H ADDED AS A JOINT SPONSOR SILVA 97-03-21 H ASSIGNED TO COMMITTEE REVENUE 97-04-18 H ADDED AS A JOINT SPONSOR MCKEON 97-05-06 H ADDED AS A JOINT SPONSOR O'BRIEN 97-05-08 H RE-REFERRED TO RULES COMM/RULE 19(A) RULES HRUL 99-01-12 S SESSION SINE DIE END OF INQUIRY Full Text Bill Summary