Bill: HB2064/HB5010 State Community Bank
Sponsor: Rep. Flowers (D-Chicago)
Status: Re-referred to Rules Committees
Position: Oppose
Description: Establishes a state-run community bank of Illinois.
Bill: HB3934 EDGE Grants
Sponsor: Rep. Franks (D-Woodstock)
Status: Passed House, Senate 3rd Reading
Position: Neutral with amendment
Description: Amended, would require DCEO to post the terms of each EDGE agreement on its website.
Bill: HB4038 NOL Carry Forward
Sponsor: Rep. Tracy (R-Quincy)
Status: Re-referred to Rules
Position: Support
Description: Removes a provision limiting the net loss carryover deduction to $100,000 for any taxable year ending on or after December 31, 2012 and prior to December 31, 2014. Provides that, for any taxable year ending on or after December 31, 2012, such a loss is allowed as a carryback to each of the 2 taxable years preceding the taxable year of the loss and is allowed as a net operating loss carryover to each of the 20 taxable years following the taxable year of the loss.
Bill: HB4575/SB3241 Veterans Tax Credit
Sponsor: Rep. Costello (D-Sparta)/Sen. Sullivan (D-Quincy)
Status: Rules Committee/Passed Senate, House Rules committee
Position: Support
Description: Increases the income tax credit to 20% for employers that hire veterans but shall not exceed $5,000.
Bill: HB5167 Ammunition Tax
Sponsor: Rep. Cassidy (D-Chicago)
Status: Re-referred to Rules committee
Position: Oppose
Description: Imposes a 2% surcharge on firearms ammunition.
Bill: HB5192/SB3525 Tax Tribunal
Sponsor: Rep. Zalewski (D-Chicago)/Senator Hutchinson (D-Chicago)
Status: Rules Committees
Position: Support
Description: The creation of an independent Illinois Tax Tribunal was authorized by SB 397 during veto session without providing implementation language. The Illinois Chamber has convened a working group of tax experts to draft implementing language to meet the July 13th effective date for the Tribunal. The Tax Tribunal legislation is based on the American Bar Association Model State Administrative Tax Tribunal Act, and allows taxpayers an independent forum in which to protest tax assessments. Taxpayers can access the Tax Tribunal without having to pay the tax assessment first, and can appeal adverse decisions directly to the Illinois appellate courts. The proposed legislation will provide a fair and accessible forum for resolving state tax disputes. Chamber initiative.
Bill: HB5289 Sales Tax Penalty
Sponsor: Rep. Turner (D-Chicago)
Status: Passed House, Senate 2nd Reading
Position: Neutral with amendment
Description: Adds Class 3 and 4 criminal penalties for inaccurate sales taxes.
Bill: HB5473 Net Operating Loss Restoration
Sponsor: Rep. Lang (D-Skokie)
Status: Re-referred to Rules committee
Position: Support
Description: Corrects an oversight regarding the restoration of net operating losses up to 20 years.
Bill: SB1829 Tobacco Tax
Sponsor: Sen. Kotowski (D-Park Ridge)
Status: Re-referred to Assignments
Position: Oppose
Description: Allows municipalities to impose a tax on tobacco.
Bill: SB2523 R&D Extension
Sponsor: Sen. McCarter (R-Highland)
Status: Re-referred to Assignments
Position: Support
Description: Extends the Research & Development and extra five years. Coupled with the current five year extension, this would total a ten year extension.
Bill: SB3215 Net Operating Loss Restoration
Sponsor: Sen. Garrett (D-Highwood)
Status: Re-referred to Assignments
Position: Support
Description: Restores the net operating losses taken away in 2011 for 2012-2014. Chamber initiative.
Bill: SB3253 Enterprise Zone Extension
Sponsor: Sen. Frerichs (D-Champagin)
Status: 3rd Reading, deadline extended
Position: Support
Description: Extends enterprise zones for an additional 20 years. Chamber initiative.
Bill: HJRCA12/SJRCA5 Graduated Individual Income Tax
Sponsor: Rep. Jakobsson (D-Champaign)/Sen. Raoul (D-Chicago)
Status: Revenue & Finance Committee/Executive Subcommittee on Constitutional Amendments
Position: Oppose
Description: Individual income taxes may be at a graduated or a non-graduated rate. Provides that any such tax imposed on corporations shall be at a non-graduated rate, not to exceed the average of the lowest and highest individual rates by more than a ratio of 8 to 5.
Bill: SB3688 Enterprise Zones
Sponsor: Sen. Frerichs (D-Champaign)
Status: Passed Senate, House Rules
Position: Support
Description: An enterprise zone shall be in effect for 55 years instead of the current 30.
