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IL SB1803
Bill
Status
Failed
1/13/2021
Primary Sponsor
Scott Bennett
Click for details
AI Summary
- Creates a tax credit for financial institutions with less than $50 billion in assets for tax years ending after July 1, 2019
- Credit equals the aggregate fees, penalties, and other income derived from commercial loans under $5 million that are originated by the institution, made to Illinois residents or businesses, and primarily for business or agricultural projects in Illinois
- Credit is allowed against Illinois income tax imposed under subsections (a) and (b)
- Applies to partnerships, S-corp shareholders, and LLC members based on their distributive share of income under Internal Revenue Code sections 702, 704, and Subchapter S
- Effective immediately upon becoming law
Legislative Description
INCOME TAX-SMALL BUSINESS LOAN
Last Action
Session Sine Die
1/13/2021
Committee Referrals
Assignments4/12/2020
Tax Exemptions and Credits3/4/2020
Revenue2/25/2020
Assignments2/15/2019
Full Bill Text
No bill text available