Illinois General Assembly - Full Text of HB3618
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Full Text of HB3618  100th General Assembly

HB3618 100TH GENERAL ASSEMBLY

  
  

 


 
100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB3618

 

Introduced , by Rep. Marcus C. Evans, Jr.

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/224 new

    Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 100% of the expenses incurred by the taxpayer during the taxable year related to the development of technology used to facilitate electronic communications between motor vehicles, traffic signals, and pedestrians.


LRB100 11242 HLH 21573 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3618LRB100 11242 HLH 21573 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 224 as follows:
 
6    (35 ILCS 5/224 new)
7    Sec. 224. Credit for motor vehicle communications.
8    (a) For taxable years beginning on and after January 1,
92018, each taxpayer is entitled to a credit against the tax
10imposed by subsections (a) and (b) of Section 201 of this Act
11in an amount equal to 100% of the expenses incurred by the
12taxpayer during the taxable year related to the development of
13technology used to facilitate electronic communications
14between motor vehicles, traffic signals, and pedestrians.
15    (b) In no event shall a credit under this Section reduce
16the taxpayer's liability to less than zero. If the amount of
17the credit exceeds the tax liability for the year, the excess
18may be carried forward and applied to the tax liability of the
195 taxable years following the excess credit year. The tax
20credit shall be applied to the earliest year for which there is
21a tax liability. If there are credits for more than one year
22that are available to offset a liability, the earlier credit
23shall be applied first.

 

 

HB3618- 2 -LRB100 11242 HLH 21573 b

1    (c) This Section is exempt from the provisions of Section
2250.