SB0029sam001 101ST GENERAL ASSEMBLY

Sen. Melinda Bush

Filed: 2/28/2019

10100SB0029sam001 LRB101 02876 HLH 56708 a

AMENDMENT TO SENATE BILL 29

AMENDMENT NO. ______. Amend Senate Bill 29 on page 39, by replacing lines 12 through 24 with the following:

"(f) This Section is exempt from the provisions of Section 250 of the Illinois Income Tax Act."; and

on page 46, by replacing lines 6 through 18 with the following:

"(b) Notwithstanding subsection (a), the credit may be applied in more than 10 taxable years but not more than 15 taxable years for an eligible green energy enterprise that qualifies under this Act and the Corporate Headquarters Relocation Act and has in fact undertaken a qualifying project within the timeframe specified by the Department of Commerce and Economic Opportunity under that Act. In that case, the Department of Commerce and Economic Opportunity shall extend the tax credit agreement to not more than 15 years and reduce the annual allocation to 60% of the maximum credit that would otherwise be available under this Act.

(c) The tax credit may not reduce the taxpayer's liability to less than zero. If the amount of tax credit exceeds the liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The credit must be applied to the earliest year for which there is a tax liability. If there are credits from more than one tax year that are available to offset a liability, then the earlier credit will be applied first."; and

on page 51, by replacing lines 8 through 16 with the following:

"Section 5-70. Pass through entities.

(a) For partners, shareholders of Subchapter S corporations, and owners of limited liability companies, if the liability company is treated as a partnership for purposes of federal and State income taxation, there is allowed a credit under this Section to be determined in accordance with the determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code.

(b) The Credit provided under subsection (a) is in addition to any Credit to which a shareholder or partner is otherwise entitled under a separate Agreement under this Act. A pass through entity and a shareholder or partner of the pass through entity may not claim more than one Credit under the same Agreement."; and

on page 88, line 19, by replacing "A taxpayer" with "For tax years beginning on or after January 1, 2020, a taxpayer".