Bill Text: IL HB5612 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Film Production Services Tax Credit Act of 2008. Provides that certain amounts shall be deposited into the Illinois Production Workforce Development Fund beginning on July 1, 2023 (currently, July 1, 2022). Provides that the amount deposited into the Fund shall be based on the amount transferred on the taxpayer's Illinois tax return (currently, transferred or claimed).

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-05 - House Committee Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee [HB5612 Detail]

Download: Illinois-2023-HB5612-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5612 Introduced 2/9/2024, by Rep. Curtis J. Tarver, II SYNOPSIS AS INTRODUCED:
35 ILCS 16/46
Amends the Film Production Services Tax Credit Act of 2008. Provides that certain amounts shall be deposited into the Illinois Production Workforce Development Fund beginning on July 1, 2023 (currently, July 1, 2022). Provides that the amount deposited into the Fund shall be based on the amount transferred on the taxpayer's Illinois tax return (currently, transferred or claimed).
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Film Production Services Tax Credit Act of
2008 is amended by changing Section 46 as follows:
(35 ILCS 16/46)
Sec. 46. Illinois Production Workforce Development Fund.
(a) The Illinois Production Workforce Development Fund is
created as a special fund in the State Treasury. Beginning
July 1, 2023 July 1, 2022, amounts paid to the Department of
Commerce and Economic Opportunity pursuant to Section 213 of
the Illinois Income Tax Act shall be deposited into the Fund.
The Fund shall be used exclusively to provide grants to
community-based organizations, labor organizations, private
and public universities, community colleges, and other
organizations and institutions that may be deemed appropriate
by the Department to administer workforce training programs
that support efforts to recruit, hire, promote, retain,
develop, and train a diverse and inclusive workforce in the
film industry.
(b) Pursuant to Section 213 of the Illinois Income Tax
Act, the Fund shall receive deposits in amounts not to exceed
0.25% of the amount of each credit certificate issued that is

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not calculated on out-of-state wages and transferred or
claimed on an Illinois tax return in the quarter such credit
was transferred or claimed. In addition, such amount shall
also include 2.5% of the credit amount calculated on wages
paid to nonresidents that is transferred or claimed on an
Illinois tax return in the quarter such credit was transferred
or claimed.
(c) At the request of the Department, the State
Comptroller and the State Treasurer may advance amounts to the
Fund on an annual basis not to exceed $1,000,000 in any fiscal
year. The fund from which the moneys are advanced shall be
reimbursed in the same fiscal year for any such advance
payments as described in this Section. The method of
reimbursement shall be set forth in rules.
(d) Of the appropriated funds in a given fiscal year, 50%
of the appropriated funds shall be reserved for organizations
that meet one of the following criteria. The organization is:
(1) a minority-owned business, as defined by the Business
Enterprise for Minorities, Women, and Persons with
Disabilities Act; (2) located in an underserved area, as
defined by the Economic Development for a Growing Economy Tax
Credit Act; or (3) on an annual basis, training a cohort of
program participants where at least 50% of the program
participants are either a minority person, as defined by the
Business Enterprise for Minorities, Women, and Persons with
Disabilities Act, or reside in an underserved area, as defined

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