INC TX-PRODUCTION CREDIT House SponsorsRep. Keith Farnham 12/3/2014HouseSession Sine Die 35 ILCS 5/224 new Amends the Illinois Income Tax Act. Creates a credit in an amount equal to a percentage of the taxpayer's qualified production activities income. Provides that, for taxable years ending on or after December 31, 2014 and prior to December 31, 2015, the credit shall be 2% of the taxpayer's qualified production activities income for the taxable year; for taxable years ending on or after December 31, 2015 and prior to December 31, 2016, the credit shall be 4% of the taxpayer's qualified production activities income for the taxable year; and for taxable years ending on or after December 31, 2016, the credit shall be 6.2% of the taxpayer's qualified production activities income for the taxable year. Provides that excess credit amounts may be carried forward and applied to the tax liability of the 15 taxable years following the excess credit year. Effective immediately. 2/26/2013HouseFiled with the Clerk by Rep. Keith Farnham 2/26/2013HouseFirst Reading 2/26/2013HouseReferred to Rules Committee 3/11/2013HouseAssigned to Revenue & Finance Committee 3/22/2013HouseRule 19(a) / Re-referred to Rules Committee 12/3/2014HouseSession Sine Die