IL SB0483

Extends the live theater production tax credit from January 1, 2022 to January 1, 2029, allowing taxpayers who receive tax credit awards under the Live Theater Production Tax Credit Act to claim credits against Illinois income taxes

Expands the definition of "accredited theater production" to include commercial Broadway touring shows, defined as productions playing in 3 or more markets across North America and recognized by the Broadway League

Doubles the maximum aggregate tax credit cap from $2,000,000 to $4,000,000 per fiscal year beginning in State fiscal year 2021

Reserves $2,000,000 of the $4,000,000 annual cap specifically for operators of qualified production facilities presenting commercial Broadway touring shows

Tax credits may be sold, assigned, or transferred within one year of being awarded, and excess credits can be carried forward for up to 5 tax years