95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB1806


 
Introduced 2/23/2007, by Rep. Harry Osterman
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/218 new










    Amends the Illinois Income Tax Act. Creates a credit of up to $1,000 for the costs incurred by the taxpayer during the taxable year in order to make a property that was constructed before 1978 and that is owned by the taxpayer comply with applicable State and federal lead-safety standards. Provides that the credit may be carried forward for up to 5 years. Effective immediately.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB1806

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    AN ACT concerning revenue.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Income Tax Act is amended  by adding 
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Section 218 as follows:
 
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    (35 ILCS 5/218  new)
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    Sec. 218. Credit for lead-abatement costs.
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    (a) For taxable years ending on or after December 31, 2007 
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and ending on or before December 30, 2012, each taxpayer is 
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eligible to receive a credit against the tax imposed under 
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subsections (a) and (b) of Section 201 in an amount equal to 
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the qualified lead-abatement costs incurred by the taxpayer  
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during the taxable year, but not to exceed $1,000.
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    (b) For the purpose of this Section, "qualified 
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lead-abatement costs" means those costs incurred by the 
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taxpayer during the taxable year in order to make a property 
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that was constructed before 1978 and that is owned by the 
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taxpayer comply with applicable State and federal lead-safety 
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standards.
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    (c) If the taxpayer is a partnership or Subchapter S

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corporation,  the  credit  is  allowed  to  the  partners  or

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shareholders in accordance with the determination  of  income
and  
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distributive  share of income under Sections 702 and 704
and  
 


 






HB1806
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Subchapter  S  of  the  Internal   Revenue   Code.
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    (d) The credit may not be carried back.   If the amount of 
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the credit exceeds the tax liability for the year, the excess 
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may be carried forward and applied to the tax liability of the 
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5 taxable years following the excess credit year. The tax 
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credit shall be applied to the earliest year for which there is 
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a tax liability. If there are credits for more than one year 
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that are available to offset a liability, the earlier credit 
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shall be applied first.
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.