Bill Text: IL HB4227 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the sunset of exemptions, credits, and deductions.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB4227 Detail]

Download: Illinois-2011-HB4227-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB4227 Introduced , by Rep. Michael J. Madigan SYNOPSIS AS INTRODUCED:
35 ILCS 5/250
Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the sunset of exemptions, credits, and deductions.
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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 250 as follows:
(35 ILCS 5/250)
Sec. 250. Sunset of exemptions, credits, and deductions.
The The application of every exemption, credit, and deduction
against tax imposed by this Act that becomes law after the
effective date of this amendatory Act of 1994 shall be limited
by a reasonable and appropriate sunset date. A taxpayer is not
entitled to take the exemption, credit, or deduction for tax
years beginning on or after the sunset date. If a reasonable
and appropriate sunset date is not specified in the Public Act
that creates the exemption, credit, or deduction, a taxpayer
shall not be entitled to take the exemption, credit, or
deduction for tax years beginning on or after 5 years after the
effective date of the Public Act creating the exemption,
credit, or deduction and thereafter; provided, however, that in
the case of any Public Act authorizing the issuance of
tax-exempt obligations that does not specify a sunset date for
the exemption or deduction of income derived from the
obligations, the exemption or deduction shall not terminate

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until after the obligations have been paid by the issuer.
(Source: P.A. 88-660, eff. 9-16-94; 89-460, eff. 5-24-96.)