IL HB5798 | 2011-2012 | 97th General Assembly

Status

Completed Legislative Action
Spectrum: Moderate Partisan Bill (Republican 6-1)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that an applicant who has been awarded a Credit under the Act may, in the applicant's sole discretion, opt to retain taxes withheld under the Illinois Income Tax Act in lieu of an income tax credit. Provides that the amount of withheld taxes retained by the applicant in a taxable year may not exceed the amount of the Credit awarded by the Department of Commerce and Economic Opportunity for that taxable year. Provides that each employee whose taxes were withheld by an employer who retains amounts under this subsection must receive credit for 100% of the taxes withheld from his or her pay. Requires the Department to report annually to the Governor and the General Assembly on the progress of the incentive payment program. Amends the Illinois Income Tax Act to make corresponding changes concerning tax withholding. Effective immediately.

Tracking Information

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Title

EDGE-INCENTIVE PAYMENTS

Sponsors


History

DateChamberAction
2013-01-08HouseSession Sine Die
2012-03-01HouseAdded Co-Sponsor Rep. David Harris
2012-02-28HouseAdded Chief Co-Sponsor Rep. Darlene J. Senger
2012-02-28HouseAdded Chief Co-Sponsor Rep. Jil Tracy
2012-02-28HouseChief Co-Sponsor Changed to Rep. Sidney H. Mathias
2012-02-28HouseAdded Chief Co-Sponsor Rep. Sidney H. Mathias
2012-02-28HouseAdded Chief Co-Sponsor Rep. Paul Evans
2012-02-28HouseAdded Co-Sponsor Rep. Mike Bost
2012-02-16HouseReferred to Rules Committee
2012-02-16HouseFirst Reading
2012-02-16HouseFiled with the Clerk by Rep. Dwight Kay

Code Citations

ChapterArticleSectionCitation TypeStatute Text
35105-16New CodeSee Bill Text
355704Amended CodeCitation Text

Illinois State Sources


Bill Comments

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