IL SB1531 | 2023-2024 | 103rd General Assembly

Status

Spectrum: Partisan Bill (Republican 1-0)
Status: Introduced on February 8 2023 - 25% progression
Action: 2023-02-08 - Referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Film Production Services Tax Credit Act of 2008. Provides that, for an accredited production that commences on or after July 1, 2023, the credit includes the sum of the following: 30% of the Illinois production spending for the taxable year; 15% of the Illinois labor expenditures generated by the employment of residents of geographic areas of high poverty or high unemployment, as determined by the Department of Commerce and Economic Opportunity; an additional 5% of the Illinois labor expenditures generated by the employment of residents of the State who reside outside of the metropolitan area if the person is a resident of a geographic area of high poverty or high unemployment and also resides outside of the metropolitan area; and (iv) an additional 5% if 50% or more of the total hours of principal filming or taping of the production are completed in the State but outside of the metropolitan area, as determined by the Department. Provides that the term "metropolitan area" means the City of Chicago and any part of the State located within 30 miles of the City of Chicago. Effective immediately.

Tracking Information

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Title

FILM TAX CR-NONMETROPOLITAN

Sponsors


History

DateChamberAction
2023-02-08SenateReferred to Assignments
2023-02-08SenateFirst Reading
2023-02-08SenateFiled with Secretary by Sen. Dale Fowler

Code Citations

ChapterArticleSectionCitation TypeStatute Text
351610Amended CodeCitation Text

Illinois State Sources


Bill Comments

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