92nd General Assembly
Status of HB3659
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 Full Text  Bill Summary

   20 ILCS 605/605-390 new                                                     
   35 ILCS 5/213 new                                                           

        Amends the Illinois Income Tax Act. Provides  that,  for  taxable      
   years  ending  on or after December 31, 2001 and on or before December      
   30, 2006, each taxpayer is  entitled  to  an  income  tax  credit  for      
   business losses suffered in the taxable year as a result of terrorism.      
   Provides  that  the credit shall be equal to 25% of the taxpayer's tax      
   liability for the taxable year. Provides that to be eligible  for  the      
   credit a taxpayer must be certified as having eligible business losses      
   by  the  Department  of Commerce and Community Affairs (DCCA) and that      
   DCCA shall determine by rule what  business  losses  qualify  for  the      
   credit. Amends the Department of Commerce and Community Affairs Law of      
   the  Civil  Administrative Code of Illinois to require DCCA to certify      
   eligibility for the credit. Effective immediately.                          
   OCT-30-2001  H  FILED WITH CLERK                                               
   NOV-07-2001  H  FIRST READING                                                  
   NOV-07-2001  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary