Bill Text: IL HB3019 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Provides that the hospital credit applies for tax years ending on or after December 31, 2012 and ending on or before December 31, 2025 (currently, the credit sunsets on December 31, 2017 by operation of the Act's automatic sunset provision). Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-03-29 - Rule 19(a) / Re-referred to Rules Committee [HB3019 Detail]

Download: Illinois-2019-HB3019-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB3019 Introduced , by Rep. Rita Mayfield SYNOPSIS AS INTRODUCED:
35 ILCS 5/223
Amends the Illinois Income Tax Act. Provides that the hospital credit applies for tax years ending on or after December 31, 2012 and ending on or before December 31, 2025 (currently, the credit sunsets on December 31, 2017 by operation of the Act's automatic sunset provision). Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by
changing Section 223 as follows:
(35 ILCS 5/223)
Sec. 223. Hospital credit.
(a) For tax years ending on or after December 31, 2012 and
ending on or before December 31, 2025 2022, a taxpayer that is
the owner of a hospital licensed under the Hospital Licensing
Act, but not including an organization that is exempt from
federal income taxes under the Internal Revenue Code, is
entitled to a credit against the taxes imposed under
subsections (a) and (b) of Section 201 of this Act in an amount
equal to the lesser of the amount of real property taxes paid
during the tax year on real property used for hospital purposes
during the prior tax year or the cost of free or discounted
services provided during the tax year pursuant to the
hospital's charitable financial assistance policy, measured at
cost.
(b) If the taxpayer is a partnership or Subchapter S
corporation, the credit is allowed to the partners or
shareholders in accordance with the determination of income and

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distributive share of income under Sections 702 and 704 and
Subchapter S of the Internal Revenue Code. A transfer of this
credit may be made by the taxpayer earning the credit within
one year after the credit is earned in accordance with rules
adopted by the Department. The Department shall prescribe rules
to enforce and administer provisions of this Section. If the
amount of the credit exceeds the tax liability for the year,
then the excess credit may be carried forward and applied to
the tax liability of the 5 taxable years following the excess
credit year. The credit shall be applied to the earliest year
for which there is a tax liability. If there are credits from
more than one tax year that are available to offset a
liability, the earlier credit shall be applied first. In no
event shall a credit under this Section reduce the taxpayer's
liability to less than zero.
(Source: P.A. 100-587, eff. 6-4-18.)
Section 99. Effective date. This Act takes effect upon
becoming law.