Senate Sponsors: GARCIA. House Sponsors: KENNER-SILVA-MCKEON-O'BRIEN Short description: INC TX-JOBS CREDIT-S CORPS Synopsis of Bill as introduced: 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. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2 END OF INQUIRY Full Text Bill Status