Illinois Senate Bill 1328 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Democrat 1-0)
Status: Failed on January 13 2021 - 100% progression
Action: 2021-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 1% of the expenses claimed by the taxpayer as a federal income tax deduction pursuant to Section 179 of the Internal Revenue Code for the tax year. Provides that the taxpayer may sell, assign, or transfer the credit. Provides that the maximum aggregate amount of credits awarded for those purposes may not exceed $30,000,000 in any calendar year. Amends the Uniform Penalty and Interest Act to provide that, if the amount of the credit is reduced because the claims for credit exceed the maximum aggregate amount of the credit, then no underpayment penalty or interest shall accrue on the additional tax so long as the additional tax is paid within 60 days after the notice of reduction. Effective immediately.

INC TX-INVESTMENT CREDIT

Sen. Linda Holmes [D]

Date	Chamber	Action
2021-01-13	Senate	Session Sine Die
2019-03-28	Senate	Rule 3-9(a) / Re-referred to Assignments
2019-03-22	Senate	Rule 2-10 Committee Deadline Established As March 28, 2019
2019-03-06	Senate	To Subcommittee on Tax Exemptions and Credits
2019-02-21	Senate	Postponed - Revenue
2019-02-13	Senate	Assigned to Revenue
2019-02-07	Senate	Referred to Assignments
2019-02-07	Senate	First Reading
2019-02-07	Senate	Filed with Secretary by Sen. Linda Holmes

Chapter	Article	Section	Citation Type	Statute Text
35	5	229	New Code	See Bill Text
35	735	3-3	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1328&GAID=15&DocTypeID=SB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/SB/10100SB1328.htm