IL SB3320

Amends the Illinois Income Tax Act Section 250 to make a technical change regarding the sunset of exemptions, credits, and deductions.

Requires that every exemption, credit, and deduction created after the 1994 amendments include a reasonable and appropriate sunset date.

Establishes a default 5-year sunset period for any exemption, credit, or deduction that does not specify its own sunset date.

Exempts tax-exempt bond obligations from sunset provisions until the bonds have been fully paid by the issuer.

Extends the sunset dates of any exemptions, credits, or deductions scheduled to expire in 2011, 2012, or 2013 by an additional 5 years.