State of Illinois
90th General Assembly
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90_SB0969

      35 ILCS 5/211 new
          Amends  the  Illinois  Income  Tax  Act.  Provides   that
      beginning with tax years ending on or after December 31, 1997
      and  ending  with  tax years ending on or before December 31,
      2001, a corporation is entitled to a credit in the amount  of
      25%  of  the  amounts  directly  invested  by the corporation
      during  the  tax  year  for   the   voluntary   environmental
      remediation  of  contaminated  sites  located  in  the State.
      Provides that any excess credit may be  carried  forward  and
      applied to tax liability for 5 years.
                                                     LRB9002393KDcc
                                               LRB9002393KDcc
 1        AN  ACT  to  amend  the Illinois Income Tax Act by adding
 2    Section 211.
 3        Be it enacted by the People of  the  State  of  Illinois,
 4    represented in the General Assembly:
 5        Section  5.   The  Illinois  Income Tax Act is amended by
 6    adding Section 211 as follows:
 7        (35 ILCS 5/211 new)
 8        Sec. 211.  Environmental remediation credit.
 9        (a)  Beginning with tax years ending on or after December
10    31, 1997, and ending with  tax  years  ending  on  or  before
11    December  31,  2001,  each corporation subject to this Act is
12    entitled  to  a  credit  against  the   tax   imposed   under
13    subsections  (a)  and  (b)  of Section 201 of this Act in the
14    amount of  25%  of  the  amounts  directly  invested  by  the
15    taxpayer  during the tax year for the voluntary environmental
16    remediation of contaminated sites located in this State.
17        (b)  As used in this Section:
18        "Contaminated site" means a site with one or more of  the
19    following conditions:
20             (1)  A release or threatened release of a hazardous,
21        toxic, or dangerous substance.
22             (2)  A  storage  tank  that  contains  a  hazardous,
23        toxic, or dangerous substance.
24             (3)  Illegal disposal of solid waste.
25        "Environmental   remediation"   means   (i)   removal  or
26    remediation  activity  in   accordance   with   an   approved
27    environmental   response  action  plan,  including  soil  and
28    groundwater  remediation,  (ii)   restoration   of   natural,
29    historic, or cultural resources at the site or the mitigation
30    of   unavoidable   losses  of  those  resources  incurred  in
31    connection with the remediation or response  activity,  (iii)
                            -2-                LRB9002393KDcc
 1    health   assessments   or   health   effects   studies,  (iv)
 2    environmental   audits,   (v)    remediation   of    off-site
 3    contamination  caused by activity on the site, and  (vi)  any
 4    other costs reasonably  required  due  to  the  environmental
 5    conditions  of  the  site,  including  demolition of existing
 6    contaminated structures, site security, and fees for  permits
 7    necessary for remediation.
 8        "Hazardous,   toxic,  or  dangerous  substance"  means  a
 9    substance, waste, or material that is treated as a hazardous,
10    toxic, or dangerous substance under the federal Comprehensive
11    Environmental Response, Compensation, and  Liability  Act  of
12    1980   (42   U.S.C.  9601  et  seq.),  the  federal  Resource
13    Conservation and Recovery Act of  1976  (42  U.S.C.  6901  et
14    seq.), or a State or local environmental law or ordinance.
15        (c)  If   the  amount  of  the  credit  exceeds  the  tax
16    liability for that year,  whether  it  exceeds  the  original
17    liability  or  the liability as later amended, the excess may
18    be carried forward and applied to the tax liability of the  5
19    taxable  years  following the excess credit year.  The credit
20    shall be applied to the earliest year for which  there  is  a
21    liability.   If  there  is credit from more than one tax year
22    that is available to offset a liability, earlier credit shall
23    be applied first.

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