Illinois Senate Bill 3300 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Failed on January 13 2015 - 100% progression
Action: 2015-01-13 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Illinois Income Tax Act. Creates a credit in an amount equal to a percentage of the taxpayer's qualified production activities income. Provides that, for taxable years ending on or after December 31, 2014 and prior to December 31, 2015, the credit shall be 2% of the taxpayer's qualified production activities income for the taxable year; for taxable years ending on or after December 31, 2015 and prior to December 31, 2016, the credit shall be 4% of the taxpayer's qualified production activities income for the taxable year; and for taxable years ending on or after December 31, 2016, the credit shall be 6.2% of the taxpayer's qualified production activities income for the taxable year. Provides that excess credit amounts may be carried forward and applied to the tax liability of the 15 taxable years following the excess credit year. Effective immediately.

INC TX-PRODUCTION CREDIT

Sen. Dave Syverson [R]

Sen. Don Harmon [D]

Date	Chamber	Action
2015-01-13	Senate	Session Sine Die
2014-03-28	Senate	Rule 3-9(a) / Re-referred to Assignments
2014-03-21	Senate	To Subcommittee on Tax Credits
2014-03-10	Senate	Added as Chief Co-Sponsor Sen. Don Harmon
2014-02-25	Senate	Assigned to Revenue
2014-02-14	Senate	Referred to Assignments
2014-02-14	Senate	First Reading
2014-02-14	Senate	Filed with Secretary by Sen. Dave Syverson

Chapter	Article	Section	Citation Type	Statute Text
35	5	224	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3300&GAID=12&DocTypeID=SB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/SB/09800SB3300.htm