Illinois Compiled Statutes (Tax)
35 ILCS 120/2-70
Sunset of exemptions, credits, and deductions
Sec. 2-70. Sunset of exemptions, credits, and deductions.
# (a)
The application of every exemption, credit, and deduction against tax imposed by this Act that becomes law after the effective date of this amendatory Act of 1994 shall be limited by a reasonable and appropriate sunset date. A taxpayer is not entitled to take the exemption, credit, or deduction beginning on the sunset date and thereafter. Except as provided in subsection (b) of this Section, if a reasonable and appropriate sunset date is not specified in the Public Act that creates the exemption, credit, or deduction, a taxpayer shall not be entitled to take the exemption, credit, or deduction beginning 5 years after the effective date of the Public Act creating the exemption, credit, or deduction and thereafter.
# (b)
Notwithstanding the provisions of subsection (a) of this Section, the sunset date of any exemption, credit, or deduction that is scheduled to expire in 2011, 2012, or 2013 by operation of this Section shall be extended by 5 years. (Source: P.A. 97-636, eff. 6-1-12 .)
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Nearby sections (25 sections)
- 120/2-27 · Prepaid telephone calling arrangements
- 120/2-29 · Quantum computing campus building materials exemption
- 120/2-30 · Graphic arts production
- 120/2-35 · Production agriculture
- 120/2-40 · Purchaser refunds
- 120/2-45 · Manufacturing and assembly exemption
- 120/2-50 · Rolling stock exemption
- 120/2-51 · Motor vehicles; trailers; use as rolling stock definition
- 120/2-54 · Building materials exemption; River Edge Redevelopment Zones
- 120/2-55 · Serviceman transfer
- 120/2-60 · Interstate commerce exemption
- 120/2-65 · Liability because of amendatory Act
- 120/2-70 · Sunset of exemptions, credits, and deductions
- 120/2a · Registration of retailers
- 120/2b · The Department may, after notice and a hearing as provided…
- 120/2c · Resales of tangible personal property
- 120/2d · Tax prepayment by motor fuel retailer
- 120/2e · Every such distributor or supplier shall deliver a statement…
- 120/2f · Resellers of motor fuel shall file a return by the 20th of the…
- 120/2g · Sec. 2g
- 120/2h · Sec. 2h
- 120/2i · Notwithstanding any other provision to the contrary, any…
- 120/2j · Sorbent purchasing reports
- 120/3 · Sec. 3
- 120/4 · As soon as practicable after any return is filed, the…