Illinois Governor Signs Law Removing Pass-Through Entity Tax Election Sunset Date

The Illinois Governor signed the Statewide Innovation Development and Economy Act. The law includes: 1) amending the income tax law to remove the sunset date of Jan. 1, 2026, for the pass-through entity level tax election; 2) providing that an addition modification and corresponding deduction for bonus depreciation deductions under I.R.C. §168(k) also applies to bonus depreciation deductions for qualified production property under I.R.C. §168(n); and 3) amending the Film Production Services Tax Credit Act of 2008 and extending the sunset date for awarding credits under the Act to Jan. 1, 2039. The law took effect on Dec. 12. [S.B. ...