Illinois House Bill 5888 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on December 3 2014 - 100% progression
Action: 2014-12-03 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Creates the Interactive Digital Media Tax Credit Act. Entitles interactive digital media companies that meet certain requirements to an income tax credit based on the amount of the Illinois labor expenditure and Illinois production spending approved by the Department of Commerce and Economic Opportunity for the production. Authorizes taxpayers to take the credit beginning in the taxable year in which the company has met the investment requirement. Provides for the transfer of credits. Requires the Department to submit a report concerning the program to the General Assembly no later than July 1, 2019. Provides that the Act is repealed on July 1, 2020. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.

DIGITAL MEDIA TAX CREDIT

Rep. Fred Crespo [D]

Date	Chamber	Action
2014-12-03	House	Session Sine Die
2014-03-28	House	Rule 19(a) / Re-referred to Rules Committee
2014-03-11	House	To Income Tax Subcommittee
2014-03-06	House	Assigned to Revenue & Finance Committee
2014-02-14	House	Referred to Rules Committee
2014-02-14	House	First Reading
2014-02-14	House	Filed with the Clerk by Rep. Fred Crespo

Chapter	Article	Section	Citation Type	Statute Text
35	5	224	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5888&GAID=12&DocTypeID=HB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/HB/09800HB5888.htm