Illinois General Assembly
The House and Senate will return to Springfield for the beginning of the spring legislative session on January 28.
We are putting together the Tax Institute legislative initiatives for the spring 2020 legislative session. Please contact me with suggestions for legislation. I am working on some new proposals for next year, along with reintroducing some proposals from 2019. Here are proposals from last year, along with bill numbers that we plan to reintroduce:
Amend the Illinois Income Tax Act to create a small business asset purchase account (SB 1655 Weaver - HB 3062 Murphy)
Create a bonus investment credit for small businesses (HB 3571 Keith Wheeler - SB 1328 Holmes)
Modify the temporary storage exemption to provide that the exemption is not lost if otherwise eligible items are returned to Illinois only for storage, repair or refurbishment (HB 1480 McCombie - SB 1686 Tracy)
Reinstate and extend the sunset date of the expanded temporary storage exemption
(HB 3572 Wheeler and SB 1676 Tracy)
Amend the Illinois False Claims Act to correct abuses allowed under current law
(HB 2139 Keith Wheeler - SB 1714 Weaver)
Level the playing field for Illinois cigar retailers by capping the tax on cigars at $0.50/cigar - (Jonathan Carroll to sponsor the legislation in the House Senate Sponsor tbd)
Enhance the R&D credit by modifying the base period calculation
(SB 1350 Weaver - Senator Barickman added as a co-sponsor)
Amend the Illinois Income Tax Act to extend the sunset date of the personal property tax replacement income tax investment credit (SB 1656 Weaver)
No new legislation this week.
Property Tax Relief Task Force
The Task Force missed its preliminary report deadline. The final report of the Task Force is due to be submitted to the Governor and the General Assembly on December 31.
The Assessments and Exemptions subcommittee continues to meet. Last Friday, the subcommittee took testimony from the Superintendent of Shawnee School District 84 and a representative of Housing Action Illinois.
None of the new cases filed with the Tribunal raise unique issues.