92nd General Assembly
Summary of HB3659
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 Full Text  Bill Status
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