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IL SB2682

Bill

Official Source

Status

Failed

1/13/2021

Primary Sponsor

Bill Brady

Click for details

Origin

Senate

101st General Assembly

AI Summary

  • Amends the Illinois Income Tax Act Section 250 concerning the sunset of exemptions, credits, and deductions
  • Makes a technical change to clarify that "The" (rather than "the") applies to exemptions, credits, and deductions becoming law after the 1994 amendatory act
  • All exemptions, credits, and deductions enacted after the 1994 amendment must include a sunset date; if no date is specified, the provision expires 5 years after the effective date
  • Exemptions or deductions for tax-exempt bond obligations do not terminate until after the bonds are paid by the issuer
  • Extends by 5 years the sunset dates for any exemptions, credits, or deductions scheduled to expire in 2011, 2012, or 2013

Legislative Description

REVENUE-TECH

Last Action

Session Sine Die

1/13/2021

Committee Referrals

Assignments4/12/2020
Executive2/5/2020
Assignments1/29/2020

Full Bill Text

No bill text available