90th General Assembly
Status of SB0020
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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