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IL HB3618
Bill
Status
Failed
1/8/2019
Primary Sponsor
Marcus Evans
Click for details
AI Summary
- Amends the Illinois Income Tax Act to create a new income tax credit for taxpayers beginning with taxable years starting January 1, 2018
- Provides a credit equal to 100% of expenses incurred during the taxable year for developing technology that enables electronic communications between motor vehicles, traffic signals, and pedestrians
- Credit cannot reduce tax liability below zero; excess credits can be carried forward and applied to tax liability in the following 5 taxable years
- Earlier year credits are applied first when multiple years of credits are available to offset a liability
- Section is exempt from the provisions of Section 250 of the Illinois Income Tax Act
Legislative Description
INC TX-MOTOR VEHICLES
Last Action
Session Sine Die
1/8/2019
Committee Referrals
Rules3/31/2017
Income Tax3/9/2017
Revenue & Finance3/1/2017
Rules2/10/2017
Full Bill Text
No bill text available