SB0852 EnrolledLRB100 08984 HLH 19130 b



1    AN ACT concerning revenue.

 
2    Be it enacted by the People of the State of Illinois, 
3represented in the General Assembly: 





 
 
4    Section 5. The Illinois Income Tax Act is amended  by 
5changing Section 222 as follows:
 
6    (35 ILCS 5/222)
7    Sec. 222. Live theater production credit. 
8    (a)  For tax years beginning on or after January 1, 2012 and 
9beginning prior to January 1, 2022, a taxpayer who has received 
10a tax credit award under the Live Theater Production Tax Credit 
11Act is entitled to a credit against the taxes imposed under 
12subsections (a) and (b) of Section 201 of this Act in an amount 
13determined under that Act by the Department of Commerce and 
14Economic Opportunity.
15    (b)  If the taxpayer is a partnership, limited liability 
16partnership, limited liability company, or Subchapter S 
17corporation, the tax credit award is allowed to the partners, 
18unit holders,  or shareholders in accordance with the 
19determination of income and distributive share of income under 
20Sections 702 and 704 and Subchapter S of the Internal Revenue 
21Code. 
22    (c)  A sale, assignment, or transfer of the tax credit award 
23may be made by the taxpayer earning the credit within one year 
 
 
SB0852 Enrolled- 2 -LRB100 08984 HLH 19130 b

1after the credit is awarded in accordance with rules adopted by 
2the Department of Commerce and Economic Opportunity. 
3    (d)  The Department of Revenue, in cooperation with the 
4Department of Commerce and Economic Opportunity, shall adopt 
5rules to enforce and administer the provisions of this Section. 
6    (e)  The tax credit award may not be carried back. If the 
7amount of the credit exceeds the tax liability for the year, 
8the excess may be carried forward and applied to the tax 
9liability of the 5 tax years following the excess credit year.  
10The tax credit award shall be applied to the earliest year for 
11which there is a tax liability.  If there are credits from more 
12than one tax year that are available to offset liability, the 
13earlier credit shall be applied first.  In no event may a credit 
14under this Section reduce the taxpayer's liability to less than 
15zero. 

16(Source: P.A. 97-636, eff. 6-1-12.)