Bill Text: IL SB1595 | 2019-2020 | 101st General Assembly | Engrossed

Bill Title: Amends the Film Production Services Tax Credit Act of 2008. Provides that Illinois labor expenditures include the first $200,000 of out-of-state wages paid or incurred by a production company or loan out corporation, subject to withholding payments, and all resident wages paid or incurred by the production company or loan out corporation. Provides that the credit applies on a permanent basis. Effective immediately.

Spectrum: Slight Partisan Bill (Democrat 6-2)

Status: (Engrossed) 2019-05-21 - House Committee Amendment No. 1 Rules Refers to Revenue & Finance Committee [SB1595 Detail]

Download: Illinois-2019-SB1595-Engrossed.html

SB1595 EngrossedLRB101 08982 HLH 54075 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Film Production Services Tax Credit Act of
52008 is amended by changing Section 42 as follows:
6 (35 ILCS 16/42)
7 Sec. 42. Sunset of credits. This Act is exempt from the
8provisions of Section 250 of the Illinois Income Tax Act. The
9application of credits awarded pursuant to this Act shall be
10limited by a reasonable and appropriate sunset date. A taxpayer
11shall not be entitled to take a credit awarded pursuant to this
12Act for tax years beginning on or after 10 years after the
13effective date of this amendatory Act of the 97th General
14Assembly. After the initial 10-year sunset, the General
15Assembly may extend the sunset date by 5-year intervals.
16(Source: P.A. 97-2, eff. 5-6-11; 97-3, eff. 5-6-11.)
17 Section 99. Effective date. This Act takes effect upon
18becoming law.