Bill Text: IL SB2436 | 2019-2020 | 101st General Assembly | Introduced
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) 2021-01-13 - Session Sine Die [SB2436 Detail]
Download: Illinois-2019-SB2436-Introduced.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, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by | |||||||||||||||||||
5 | changing Section 250 as follows:
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6 | (35 ILCS 5/250)
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7 | Sec. 250. Sunset of exemptions, credits, and deductions. | |||||||||||||||||||
8 | (a) The
The application
of every exemption, credit, and | |||||||||||||||||||
9 | deduction against tax imposed by this Act that
becomes law | |||||||||||||||||||
10 | after the effective date of this amendatory Act of 1994 shall | |||||||||||||||||||
11 | be
limited by a reasonable and appropriate sunset date. A | |||||||||||||||||||
12 | taxpayer is not
entitled to take the exemption, credit, or | |||||||||||||||||||
13 | deduction for tax years beginning on
or after the sunset
date. | |||||||||||||||||||
14 | Except as provided in subsection (b) of this Section, if a | |||||||||||||||||||
15 | reasonable and appropriate sunset date is not
specified in the | |||||||||||||||||||
16 | Public Act that creates the exemption, credit, or deduction, a
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17 | taxpayer shall not be entitled to take the exemption, credit, | |||||||||||||||||||
18 | or deduction for
tax years beginning on or after 5 years after | |||||||||||||||||||
19 | the effective date of the Public
Act creating the
exemption, | |||||||||||||||||||
20 | credit, or deduction and thereafter; provided, however, that in
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21 | the case of any Public Act authorizing the issuance of | |||||||||||||||||||
22 | tax-exempt obligations
that does not specify a sunset date for | |||||||||||||||||||
23 | the exemption or deduction of income
derived from the |
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1 | obligations, the exemption or deduction shall not terminate
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2 | until after the obligations have been paid by the issuer. | ||||||
3 | (b) Notwithstanding the provisions of subsection (a) of | ||||||
4 | this Section, the sunset date of any exemption, credit, or | ||||||
5 | deduction that is scheduled to expire in 2011, 2012, or 2013 by | ||||||
6 | operation of this Section shall be extended by 5 years. | ||||||
7 | (Source: P.A. 97-636, eff. 6-1-12 .)
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