Katherine Cloonen
- Democratic
Primary
Amends the Illinois Income Tax Act. Creates a credit for each small business taxpayer in an amount equal to 50%, but in no event to exceed $100,000, of the amount paid by the small business taxpayer during the taxable year to an insolvent debtor or a trustee as a result of a recapture under Section 547(b) of the federal Bankruptcy Code. Provides that the term "small business taxpayer" means a business employing no more than 200 employees. Effective immediately.
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Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
To Income Tax Subcommittee
Assigned to Revenue & Finance Committee
Filed with the Clerk by Rep. Katherine Cloonen
Referred to Rules Committee
First Reading
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