Rep. Wayne Rosenthal

Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Changes the name of the Interagency Military Base Support and Economic Development Committee to the Military Base Support and Economic Development Committee. Changes the Committee's composition. Authorizes public member appointee term durations and term limits to be set by the Chair of the Committee. Requires the Committee to provide its recommendations to various State agencies instead of the Department of Commerce and Economic Opportunity. Removes a provision that requires the Committee to cooperate with the Department in order to keep the Governor and General Assembly informed concerning the progress of military base retention, realignment, reuse, and economic development efforts in the State.

Amends the Illinois Income Tax Act. Reinstates the training expense credit for tax years ending on or after December 31, 2012 and on or before December 30, 2022. Increases the amount of the credit from 1.6% of training expenses to 2% of training expenses. Provides that the training expense credit earned on or after December 31, 2012 may be carried forward. Effective immediately.

Amends the Illinois Income Tax Act. In a Section concerning estimated taxes, provides that, if a taxpayer is entitled to a refund after the payment of the fourth installment, then he or she may apply the amount of the refund to the first installment due in the next taxable year.

Amends the Illinois Enterprise Zone Act. Provides that an area is qualified to become an enterprise zone if it comprises not more than 18 square miles (now, 12 square miles). Provides that an enterprise zone shall be in effect for 55 years (now, 30 years). Authorizes the Department of Commerce and Economic Opportunity to certify an additional 10 enterprise zones between January 1, 2013 and December 31, 2022. Requires each Zone Administrator to post a copy of the enterprise zone boundaries on its website and to collect and aggregate certain information. Amends the Corporate Accountability for Tax Expenditures Act. Changes the definitions of "full-time, permanent job" and "retained employee". Amends the Illinois Income Tax Act. Eliminates the job tax credit for a taxpayer conducting business operations in an enterprise zone. Eliminates the deduction for dividends that were paid by a corporation which conducts business operations in an enterprise zone. Eliminates the deduction for interest income from a loan or loans secured by property which is eligible for the Enterprise Zone Investment Credit. Effective immediately.

Amends the State Finance Act. Provides that conservation practice cost-share grants from the Partners for Conservation Fund may be made to livestock operations. Effective July 1, 2011.

Amends the Illinois Finance Authority Act. Creates the Rural Natural Gas Expansion Loan Guarantee Program. Authorizes the Authority to issue State Guarantees to lenders for loans to agribusinesses for the purpose of expanding or increasing capacity of natural gas lines for their agribusiness. Provides that lenders shall apply for the State Guarantees on forms provided by the Authority. Provides that the lender must agree to charge an interest rate, which may vary, that the Authority determines to be below the market rate of interest generally available to the agribusiness. Provides that a State Guarantee shall not exceed $5,000,000 per agribusiness. Provides that the Illinois Farmer and Agribusiness Loan Guarantee Fund may be used to secure State Guarantees.

Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that, beginning on July 1, 2011 and through December 31, 2011, with respect to motor fuel and gasohol the tax under the Acts is imposed at the rate of 1.25% (now, 6.25%). Effective immediately.

Amends the Code of Civil Procedure. Adds to the mortgage foreclosure provisions a definition of "abandoned residential property". Provides requirement and procedures for an expedited judgment and sale of abandoned residential property. Provides that the period of redemption ends for abandoned residential property on the date of the judgment confirming the judicial sale. Makes other changes. Effective immediately.

Amends the State Finance Act. Provides that no special fund shall be subject to administrative charge-backs. Effective immediately.

Amends the Illinois Income Tax Act. Creates a tax credit for a taxpayer who: (i) is allowed the federal Child and Dependent Care Credit; and (ii) is a member or spouse of a member of the Armed Forces of the United States, the Illinois National Guard, or any reserve component of the Armed Forces of the United States, who was deployed during the taxable year on active military duty outside the United States and its territories. Provides that the amount of the credit is the lesser of $1,000 or the amount of the federal tax credit. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.