Bill Text: IL SB1595 | 2019-2020 | 101st General Assembly | Enrolled
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Amends the Film Production Services Tax Credit Act of 2008. Provides that a taxpayer may not take a credit awarded under that Act for tax years beginning on or after January 1, 2027. Effective immediately.
Spectrum: Moderate Partisan Bill (Democrat 12-2)
Status: (Passed) 2019-08-01 - Public Act . . . . . . . . . 101-0178 [SB1595 Detail]
Download: Illinois-2019-SB1595-Enrolled.html
Bill Title: Amends the Film Production Services Tax Credit Act of 2008. Provides that a taxpayer may not take a credit awarded under that Act for tax years beginning on or after January 1, 2027. Effective immediately.
Spectrum: Moderate Partisan Bill (Democrat 12-2)
Status: (Passed) 2019-08-01 - Public Act . . . . . . . . . 101-0178 [SB1595 Detail]
Download: Illinois-2019-SB1595-Enrolled.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Film
Production Services Tax Credit Act of | ||||||
5 | 2008 is amended by changing Section 42 as follows:
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6 | (35 ILCS 16/42) | ||||||
7 | Sec. 42. Sunset of credits. The application of credits | ||||||
8 | awarded pursuant to this Act shall be limited by a reasonable | ||||||
9 | and appropriate sunset date. A taxpayer shall not be entitled | ||||||
10 | to take a credit awarded pursuant to this Act for tax years | ||||||
11 | beginning on or after January 1, 2027 10 years after the | ||||||
12 | effective date of this amendatory Act of the 97th General | ||||||
13 | Assembly. After the initial 10-year sunset, the General | ||||||
14 | Assembly may extend the sunset date by 5-year intervals .
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15 | (Source: P.A. 97-2, eff. 5-6-11; 97-3, eff. 5-6-11.)
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16 | Section 99. Effective date. This Act takes effect upon | ||||||
17 | becoming law.
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