Extends the sunset of the live theater production tax credit 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 also modifies the Live Theater Production Tax Credit Act to include non-profit theater productions in the definition of accredited theater productions starting July 1, 2022. The bill sets specific limits on the amount of tax credits that can be awarded for different types of productions, including long-run productions, pre-Broadway productions, commercial Broadway touring shows, and non-profit theater productions.
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