Date	Chamber	Action
1/11/2005	Senate	Session Sine Die

Statutes Amended In Order of Appearance

35 ILCS 5/1410 new

Synopsis As Introduced
Amends the Income Tax Act. Provides that a start-up business may apply to the Department of Revenue for a deferment of taxable income for the first 3 years that the business is in operation. Requires the taxpayer business to pay the deferred amounts in 5 equal annual installments in the 5 tax years after the 3-year deferment period. Requires the Department to approve the application if certain requirements have been met. Authorizes the Department to promulgate rules necessary for the administration of the deferment program. Effective January 1, 2005.

Actions 

Date	Chamber	Action
2/4/2004	Senate	Filed with Secretary by Sen. Patrick Welch
2/4/2004	Senate	First Reading
2/4/2004	Senate	Referred to Rules
2/19/2004	Senate	Added as Co-Sponsor Sen. Debbie DeFrancesco Halvorson
2/24/2004	Senate	Added as Chief Co-Sponsor Sen. Kathleen L. Wojcik
1/11/2005	Senate	Session Sine Die

Back To Top