HB 5189

Abstract

Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Repeals a provision regarding financial assistance to energy generation facilities. Amends the State Finance Act. Repeals provisions creating the Energy Infrastructure Fund. Makes conforming changes in the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Effective immediately. Senate Floor Amendment No. 1 Deletes reference to: 20 ILCS 605/605-332 rep. 30 ILCS 105/5.543 rep. 30 ILCS 105/6z-54 rep. 35 ILCS 105/9 35 ILCS 110/9 35 ILCS 115/9 35 ILCS 120/3 Adds reference to: 35 ILCS 5/203 from Ch. 120, par. 2-203 35 ILCS 17/10-5 35 ILCS 17/10-10 35 ILCS 17/10-20 35 ILCS 17/10-30 35 ILCS 200/21-25 Replaces everything after the enacting clause. Amends the Illinois Income Tax Act. Provides that a deduction for contributions to a qualified ABLE account applies for taxable years beginning prior to January 1, 2028 (currently, January 1, 2023). Creates a deduction for amounts that are included in the taxpayer's federal adjusted gross income as discharge of indebtedness attributable to student loan forgiveness. Amends the Live Theater Production Tax Credit Act. Provides that, for State Fiscal Year 2023, "accredited theater production" also includes any commercial Broadway touring show. Provides that the amount of tax credits awarded pursuant to the Act for the State fiscal year ending on June 30, 2023 shall not exceed $4,000,000 (currently, $2,000,000). Provides that, for the State fiscal year ending on June 30, 2023, no more than $2,000,000 in credits may be awarded to accredited theater productions that are not commercial Broadway touring shows, and no more than $2,000,000 in credits may be awarded to commercial Broadway touring shows. Provides that commercial Broadway touring shows are not required to show that the applicant's accredited theater production would not occur in Illinois without the credit. Amends the Property Tax Code. Provides that, in Cook County, the estimated first installment of unpaid taxes for tax year 2022 shall be deemed delinquent after March 1, 2023 and shall bear interest after April 1, 2023 at the rate of 1.5% per month or portion thereof until paid or forfeited. Effective immediately. Senate Floor Amendment No. 2 Provides that, for tax year 2022, the delinquency date will be April 1, 2023 (rather than March 1, 2023). Senate Floor Amendment No. 3 Adds reference to: 20 ILCS 686/10 20 ILCS 686/15 20 ILCS 686/20 20 ILCS 686/30 20 ILCS 686/40 Amends the Reimagining Electric Vehicles in Illinois Act. Changes the definition of "electric vehicle component parts manufacturer" and "retained employee". Grants the Department of Commerce and Economic Opportunity the power to determine the conditions and procedures for renewing the REV Illinois Credit. Directs the Department of Commerce and Economic Opportunity to make certain wage determinations. Provides that, if a project that is subject to an existing agreement under the Economic Development for a Growing Economy Tax Credit Act meets the requirements to be designated as a REV Illinois project under the Act, the taxpayer that is subject to that existing agreement may apply to the Department to amend the agreement. Provides that, if a project ceases to qualify as a REV Illinois project because the taxpayer is no longer an electric vehicle manufacturer, an electric vehicle component manufacturer, an electric vehicle power supply equipment manufacturer, a battery recycling and reuse manufacturer, or a battery raw materials refining service provider, the project may still receive certain tax credit awards, as long as the project continues to meet other requirements. Specifies that certain agreements may be renewed. Increases the maximum amount of specified credits.