IL SB3009 | 2015-2016 | 99th General Assembly
Status
Spectrum: Bipartisan Bill
Status: Introduced on February 18 2016 - 25% progression, died in committee
Action: 2016-05-13 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Status: Introduced on February 18 2016 - 25% progression, died in committee
Action: 2016-05-13 - Rule 3-9(a) / Re-referred to Assignments
Pending: Senate Assignments Committee
Text: Latest bill text (Introduced) [HTML]
Summary
Creates the Business and Employment Development Tax Credit Act. Provides that the Department of Commerce and Economic Opportunity may certify a business as eligible for an income tax credit under the Act and may award credits to certified businesses. Sets forth the amount of the credit, which is calculated as a percentage of the wages paid to new or retained full-time and part-time employees. Provides that the duration of the credit is 5 taxable years, except that the credit may be carried forward for 5 years. Contains provisions concerning recapture of the credit. Amends the Illinois Income Tax Act to make conforming changes. Provides that the Business and Employment Development Tax Credit is exempt from the Act's automatic sunset provision. Effective immediately.
Title
INC TX-BUSINESS DEVELOPMENT
Sponsors
History
Date | Chamber | Action |
---|---|---|
2016-05-13 | Senate | Rule 3-9(a) / Re-referred to Assignments |
2016-04-22 | Senate | Rule 2-10 Committee/3rd Reading Deadline Established As May 13, 2016 |
2016-04-08 | Senate | Rule 2-10 Committee Deadline Established As April 22, 2016 |
2016-03-31 | Senate | Added as Chief Co-Sponsor Sen. Napoleon Harris, III |
2016-03-10 | Senate | To Subcommittee on Tax Credits |
2016-03-08 | Senate | Assigned to Revenue |
2016-02-18 | Senate | Referred to Assignments |
2016-02-18 | Senate | First Reading |
2016-02-18 | Senate | Filed with Secretary by Sen. Chuck Weaver |
Code Citations
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3009&GAID=13&DocTypeID=SB&SessionID=88&GA=99 |
Text | https://www.ilga.gov/legislation/99/SB/09900SB3009.htm |