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Key Votes

SB 397 - Tax Code Amendments - Key Vote

Illinois Key Votes

Dan Beiser voted Nay (Passage With Amendment) on this Legislation.

Read statements Dan Beiser made in this general time period.

Stages

Family

Issues

Stage Details

Legislation - Signed (Executive) -

Title: Tax Code Amendments

Signed by Governor Pat Quinn
Legislation - Concurrence Vote Passed (Senate) (44-9) - (Key vote)

Title: Tax Code Amendments

Vote Smart's Synopsis:

Vote to concur with House amendments and pass a bill that amends the corporate tax code.

Highlights:
  • Authorizes any taxpayer that meets the following criteria to claim tax credits awarded under the Economic Development for a Growing Economy Tax Credit Act (Sec. 15):
    • The taxpayer is primarily engaged in the operation of a discount department store;
    • The taxpayer maintains its corporate headquarters in Illinois;
    • The taxpayer employs a minimum of 4,250 full-time employees at its corporate headquarters in Illinois;
    • The taxpayer retains at least 4,250 full-time jobs in Illinois that would have been at risk of being relocated outside of Illinois;
    • The taxpayer had a minimum of $40 billion in total revenue in 2010; and
    • The taxpayer makes a capital investment of at least $300 million at the economic development project location.
  • Authorizes any taxpayer that meets the following criteria to claim tax credits awarded under the Economic Development for a Growing Economy Tax Credit Act for economic development agreements executed after July 1, 2011 but before March 31, 2013 (Sec. 15):
    • The taxpayer is primarily engaged in the manufacture of original and aftermarket filtration parts and products for motor vehicles;
    • The taxpayer employs a minimum of 1,000 full-time employees in Illinois;
    • The taxpayer creates at least 250 full-time jobs in Illinois;
    • The taxpayer relocates its corporate headquarters to Illinois from another state; and
    • The taxpayer makes a capital investment of at least $4 million at the economic development project location.
  • Establishes tax credits for live theater productions as follows (Sec. 10):
    • A credit equal to 20 percent of Illinois labor expenditures for each tax year;
    • A credit equal to 20 percent of Illinois production spending for each tax year; and
    • A credit equal to 15 percent of Illinois labor expenditures generated by the employment of Illinois residents in areas of high poverty or high unemployment for each tax year.
  • Limits tax credits for live theater productions to no more than $2 million per year, and prohibits the amount of the credit from exceeding the production’s total tax burden (Sec. 10).
  • Increases the required number of jobs that an economic development project in an economic development project area must retain from 2,000 full-time jobs to 4,250 full-time jobs (Sec. 15).
  • Authorizes businesses to claim up to $100,000 in business losses on their tax returns, effective December 31, 2012 until December 31, 2014 (Sec. 15).
  • Extends the expiration date for the tax exemption for sales of majority blended ethanol fuel from December 31, 2013 to December 31, 2018 (Sec. 14).
  • Extends the expiration date for the tax credit of 6.5 percent of qualifying expenditures for research and development activities from January 1, 2011 to January 1, 2016 (Sec. 15)
  • Specifies that receipts from federally regulated financial exchanges shall be divided into receipts from exchanges executed on a physical trading floor located in Illinois, and receipts attributable to all other transactions, whereas existing law did not make such a distinction (Sec. 15).
  • Specifies the percentage of receipts from federally regulated financial exchanges not executed on a physical trading floor that are subject to state taxes as follows (Sec. 15):
    • 63.77 percent of receipts for taxable years ending on or after December 31, 2012 but before December 31, 2013; and
    • 27.54 percent of receipts for taxable years ending on or after December 31, 2013.
  • Increases the exclusion amount for the estate tax credit from $2 million for persons dying prior to January 1, 2012 to the following amounts (Sec. 15):
    • $3.5 million for persons dying on or after January 1, 2012 and prior to January 1, 2013; and
    • $4 million for persons dying on or after January 1, 2013.
Legislation - Bill Passed With Amendment (House) (81-28) - (Key vote)

Title: Tax Code Amendments

Vote Smart's Synopsis:

Vote to pass a bill that amends the corporate tax code.

Highlights:
  • Authorizes any taxpayer that meets the following criteria to claim tax credits awarded under the Economic Development for a Growing Economy Tax Credit Act (Sec. 15):
    • The taxpayer is primarily engaged in the operation of a discount department store;
    • The taxpayer maintains its corporate headquarters in Illinois;
    • The taxpayer employs a minimum of 4,250 full-time employees at its corporate headquarters in Illinois;
    • The taxpayer retains at least 4,250 full-time jobs in Illinois that would have been at risk of being relocated outside of Illinois;
    • The taxpayer had a minimum of $40 billion in total revenue in 2010; and
    • The taxpayer makes a capital investment of at least $300 million at the economic development project location.
  • Authorizes any taxpayer that meets the following criteria to claim tax credits awarded under the Economic Development for a Growing Economy Tax Credit Act for economic development agreements executed after July 1, 2011 but before March 31, 2013 (Sec. 15):
    • The taxpayer is primarily engaged in the manufacture of original and aftermarket filtration parts and products for motor vehicles;
    • The taxpayer employs a minimum of 1,000 full-time employees in Illinois;
    • The taxpayer creates at least 250 full-time jobs in Illinois;
    • The taxpayer relocates its corporate headquarters to Illinois from another state; and
    • The taxpayer makes a capital investment of at least $4 million at the economic development project location.
  • Establishes tax credits for live theater productions as follows (Sec. 10):
    • A credit equal to 20 percent of Illinois labor expenditures for each tax year;
    • A credit equal to 20 percent of Illinois production spending for each tax year; and
    • A credit equal to 15 percent of Illinois labor expenditures generated by the employment of Illinois residents in areas of high poverty or high unemployment for each tax year.
  • Limits tax credits for live theater productions to no more than $2 million per year, and prohibits the amount of the credit from exceeding the production’s total tax burden (Sec. 10).
  • Increases the required number of jobs that an economic development project in an economic development project area must retain from 2,000 full-time jobs to 4,250 full-time jobs (Sec. 15).
  • Authorizes businesses to claim up to $100,000 in business losses on their tax returns, effective December 31, 2012 until December 31, 2014 (Sec. 15).
  • Extends the expiration date for the tax exemption for sales of majority blended ethanol fuel from December 31, 2013 to December 31, 2018 (Sec. 14).
  • Extends the expiration date for the tax credit of 6.5 percent of qualifying expenditures for research and development activities from January 1, 2011 to January 1, 2016 (Sec. 15)
  • Specifies that receipts from federally regulated financial exchanges shall be divided into receipts from exchanges executed on a physical trading floor located in Illinois, and receipts attributable to all other transactions, whereas existing law did not make such a distinction (Sec. 15).
  • Specifies the percentage of receipts from federally regulated financial exchanges not executed on a physical trading floor that are subject to state taxes as follows (Sec. 15):
    • 63.77 percent of receipts for taxable years ending on or after December 31, 2012 but before December 31, 2013; and
    • 27.54 percent of receipts for taxable years ending on or after December 31, 2013.
  • Increases the exclusion amount for the estate tax credit from $2 million for persons dying prior to January 1, 2012 to the following amounts (Sec. 15):
    • $3.5 million for persons dying on or after January 1, 2012 and prior to January 1, 2013; and
    • $4 million for persons dying on or after January 1, 2013.
Legislation - Bill Passed (Senate) (52-0) -
Legislation - Introduced (House) -

Title: Tax Credits for Certain Businesses

Sponsors

Co-sponsors

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