INC TX-BANKRUPTCY RECAPTURE
Summary
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.
Bill status
failed
1 of 4 stages cleared
Introduction
Feb 2015
Committee Review
Floor Vote
Governor
Introduced Feb 27, 2015
Last action Jan 10, 2017
Floor votes
How they voted
No floor votes recorded yet.
Full legislative history
Actions timeline
Total actions
7
Key actions
0
Committee
4
Jan 10, 2017
House · Failed
Session Sine Die
Mar 27, 2015
House · Referred to committee
Rule 19(a) / Re-referred to Rules Committee
Mar 20, 2015
House · Reported by committee
To Income Tax Subcommittee
Mar 16, 2015
House · Referred to committee
Assigned to Revenue & Finance Committee
Feb 27, 2015
House · Referred to committee
Referred to Rules Committee
0 primary · 1 co-sponsor
Sponsors
Role
Legislator
Party
State
District
Co
Katherine Cloonen
DDemocratic
Ask Maddy
·
AI policy assistant
Ask Maddy about HB 4071
Scope: IL
Hi! I can help you understand HB 4071. What would you like to know?
Try one of these
i
Maddy answers using official bill text and legislative records. Always verify before sharing.
Sources cited inline