INC TX-LOAN CREDIT FOR VENDORS Senate SponsorsSen. Mike Jacobs-Christine Radogno 1/9/2007SenateSession Sine Die 35 ILCS 5/203from Ch. 120, par. 2-20335 ILCS 5/216 newAmends the Illinois Income tax Act. Creates a credit in an amount equal to the qualified costs of a loan issued to cover the on-going business expenses of a vendor or contractor where the State is late, by 90 days or more, in the payment of the vendor's or contractor's proper bill or invoice for goods or services furnished to the State. Requires the taxpayer to make an addition modification to their base income to add back the amount equal to any deduction taken on the taxpayer's federal income tax return for qualified costs of a slow-payment loan for which a credit is received. Effective immediately. 1/20/2006SenateFiled with Secretary by Sen. Mike Jacobs 1/20/2006SenateFirst Reading 1/20/2006SenateReferred to Rules 1/30/2006SenateAdded as Chief Co-Sponsor Sen. Christine Radogno 1/9/2007SenateSession Sine Die