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IL SB1702
Bill
AI Summary
- Amends the Illinois Income Tax Act to limit the hospital credit to tax years ending on or after December 31, 2012 and on or before December 31, 2022
- Allows owners of hospitals licensed under the Hospital Licensing Act (excluding tax-exempt organizations) to claim a credit against state income taxes equal to the lesser of real property taxes paid on hospital property 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 to be carried forward and applied to tax liability in the 5 following taxable years, with earlier credits applied first
- Takes effect upon becoming law
Legislative Description
INC TX-HOSPITAL CREDIT
Last Action
Session Sine Die
1/9/2019
Committee Referrals
Rules5/31/2017
Executive5/9/2017
Rules4/27/2017
Revenue2/28/2017
Assignments2/9/2017
Full Bill Text
No bill text available