House Sponsors: KRAUSE. Short description: INC TAX CRDT-BIO DRUG PRODUCTN Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Creates an income tax credit for individuals, corporations, trusts or estates, and partnerships for pharmaceutical production expenses incurred and paid during the taxable year and after September 11, 2001. Defines "pharmaceutical production" as a taxpayer's production of antibiotic drugs and vaccines that are used to treat bioterrorism agents, including anthrax and smallpox; "base level" as a taxpayer's average daily pharmaceutical production for the 365 day period ending September 11, 2001; and "pharmaceutical production expense" as an expense incurred by a taxpayer to increase the taxpayer's pharmaceutical production above the taxpayer's base level. Provides that the credit (i) is equal to one-tenth of the pharmaceutical production expense, (ii) may be carried forward for one year; (ii) may not be carried back or refunded to the taxpayer. Requires approval of expenses for the credit by the Department of Revenue. Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status