Extends the sunset of the live theater production tax credit in Illinois until January 1, 2039.
The bill amends the Illinois Income Tax Act to extend the sunset of the live theater production tax credit until January 1, 2039. It defines terms such as "qualified production facility," "non-profit theater production," and "Illinois labor expenditure." The bill also outlines the conditions for tax credit awards, including limits on the amount of credits that can be awarded for different types of productions based on their annual operating budgets. Credits are awarded on a first-come, first-served basis, with excess credits carried over to the next fiscal year.
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