Tax News

CCH (cch.taxgroup.com) reports:

  Illinois corporate and personal income tax legislation amends the Film Production Services Tax Credit Act of 2008. Specifically, the legislation repeals a section that provides that the law will sunset on January 1, 2009. Additionally, the bill amends the definition of "credit" to provide that, for an accredited production commencing on or after January 1, 2009, the amount of the credit is (i) 30% (instead of 20% for the previous years) of the Illinois production spending for the taxable year, plus (ii) 15% of the Illinois labor expenditures generated by the employment of residents from geographic areas of high poverty or high unemployment. The bill also places conditions on any rulemaking authority so that any rule must be adopted in accordance with standard procedure.

P.A. 95-1006 (S.B. 1981), Laws 2008, effective December 15, 2008