House Sponsors: MITCHELL,BILL. Short description: INCOME TAX-TERRORISM CREDIT Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Provides that, for taxable years ending on or after December 31, 2001 and on or before December 30, 2006, each taxpayer is entitled to an income tax credit for business losses suffered in the taxable year as a result of terrorism. Provides that the credit shall be equal to 25% of the taxpayer's tax liability for the taxable year. Provides that to be eligible for the credit a taxpayer must be certified as having eligible business losses by the Department of Commerce and Community Affairs (DCCA) and that DCCA shall determine by rule what business losses qualify for the credit. Amends the Department of Commerce and Community Affairs Law of the Civil Administrative Code of Illinois to require DCCA to certify eligibility for the credit. Effective immediately. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status