Bill Text: IL SB1595 | 2019-2020 | 101st General Assembly | Chaptered
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-Chaptered.html
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Public Act 101-0178 | ||||
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Film
Production Services Tax Credit Act of | ||||
2008 is amended by changing Section 42 as follows:
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(35 ILCS 16/42) | ||||
Sec. 42. Sunset of credits. The application of credits | ||||
awarded pursuant to this Act shall be limited by a reasonable | ||||
and appropriate sunset date. A taxpayer shall not be entitled | ||||
to take a credit awarded pursuant to this Act for tax years | ||||
beginning on or after January 1, 2027 10 years after the | ||||
effective date of this amendatory Act of the 97th General | ||||
Assembly. After the initial 10-year sunset, the General | ||||
Assembly may extend the sunset date by 5-year intervals .
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(Source: P.A. 97-2, eff. 5-6-11; 97-3, eff. 5-6-11.)
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Section 99. Effective date. This Act takes effect upon | ||||
becoming law.
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