IL HB3011

Extends the hospital credit under the Illinois Income Tax Act from tax years ending December 31, 2012 through December 31, 2022, replacing the previous automatic sunset date of December 31, 2017.

Allows hospital owners (excluding tax-exempt organizations) to claim a credit against state income taxes equal to the lesser of real property taxes paid or the cost of free or discounted services provided under the hospital's charitable financial assistance policy.

Permits partnerships and Subchapter S corporations to allocate the credit to partners or shareholders according to their distributive share of income.

Allows excess credits exceeding annual tax liability to be carried forward for up to 5 subsequent tax years, applied to the earliest year with available tax liability.

Takes effect immediately upon becoming law.