HB4636: PROP TX-SETTLEMENT/VALUATION

Legislative Summary

Amends the Illinois Income Tax Act. In provisions concerning the credit for wages paid to returning citizens, provides that the total credit allowed to a taxpayer with respect to each qualified returning citizen may not exceed $1,500 for taxable years ending before December 31, 2025 (currently, December 31, 2024). Provides that the requirement that the returning citizen must be hired by the taxpayer within 5 years after being released from an Illinois adult correctional center (instead of 3 years) applies for taxable years beginning on or after January 1, 2025. Amends the Live Theater Production Tax Credit Act. Makes changes concerning the aggregate amount of credits that may be awarded to non-profit theater productions based on the annual operating budget of the production. Provides that provisions requiring the theater organization to show that the production would not occur in Illinois if not for the tax credit award do not apply to non-profit theaters. Amends the Music and Musicians Tax Credit and Jobs Act. Deletes provisions requiring the Department of Commerce and Economic Opportunity to approve base production-related investment in State-certified productions within 180 days or to report to specified legislative committees regarding why it has failed to do so. Authorizes a business that meets the criteria for certification as a qualified music company to apply for the credit established under the Act. Makes changes to criteria for the review of applications for qualified music company certificates. Provides that, for taxable years beginning on or after January 1, 2025, the Department of Commerce and Economic Opportunity shall determine the amount of the tax award to be provided under the Act (rather than may award tax credit awards to qualified music companies). Deletes a provision requiring the Department's qualified music program tax credit award evaluation to include: (1) an assessment of the effectiveness of the program in creating and retaining new jobs in Illinois; (2) an assessment of the revenue impact of the program; (3) in the discretion of the Department, a review of the practices and experiences of other states or nations with similar programs; and (4) an assessment of the overall success of the program. Deletes a provision authorizing the Department to make a recommendation to extend, modify, or not extend the tax credit program based on the evaluation. Amends the Use Tax Act and the Retailers' Occupation Tax Act. Provides that, with respect to the lease of trailers, lessors shall file returns in addition to and separate from transaction reporting returns. Provides that lessors shall file those lease returns and make payment to the Department of Revenue by electronic means on or before the 20th day of each month following the month, quarter, or year, in which lease receipts were received. Makes changes concerning prepaid calling arrangements. Amends the Illinois Municipal Code. Provides that a non-home rule municipality may use the proceeds of the municipal retailers' occupation tax or the municipal service occupation tax for municipal operations in addition to or in lieu of any expenditure on public infrastructure or for property tax relief. Amends the Tobacco Products Tax Act of 1995. Provides that licenses issued by the Department of Revenue under the Act shall be valid for a period not to exceed one year after issuance unless sooner revoked, canceled, or suspended. Effective immediately.