99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
SB3432

 

Introduced 5/19/2016, by Sen. Laura M. Murphy

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/224 new

    Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the amount paid by the taxpayer during the taxable year for the purpose of purchasing acoustical materials, other materials, labor, and professional services to soundproof a residential home located at an eligible address against aircraft noise generated by an airport governed by the provisions of the Permanent Noise Monitoring Act. Provides that the credit may not reduce the taxpayer's liability to less than zero; however, the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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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 soundproofing of residential homes.
8    (a) For taxable years ending on or after December 31, 2016,
9each taxpayer is entitled to a credit against the tax imposed
10under subsections (a) and (b) of Section 201 in an amount equal
11to the amount paid by the taxpayer during the taxable year for
12the purpose of purchasing acoustical materials, other
13materials, labor, and professional services to soundproof a
14residential home located at an eligible address against
15aircraft noise generated by an airport governed by the
16provisions of the Permanent Noise Monitoring Act. In order to
17be eligible for the credit under this Section, the
18soundproofing work must be carried out in accordance with the
19requirements of the Illinois Residential Building Code Act.
20    (b) In no event shall a credit under this Section reduce a
21taxpayer's liability to less than zero. If the amount of credit
22exceeds the tax liability for the year, the excess may be
23carried forward and applied to the tax liability for the 5

 

 

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1taxable years following the excess credit year. The tax credit
2shall be applied to the earliest year for which there is a tax
3liability. If there are credits for more than one year that are
4available to offset liability, the earlier credit shall be
5applied first.
6    (c) For the purposes of this Section, an "eligible address"
7means any address located (i) within the 65 DNL Build-out
8Contour for O'Hare International Airport, as defined by rules
9adopted by the Federal Aviation Administration, (ii) within an
10alternative 65 CNEL Build-out Contour for O'Hare International
11Airport, with CNEL units as defined in subsection (a-3) of
12Section 5 of the Permanent Noise Monitoring Act, or (iii) not
13more than 20 miles east or west and not more than 3 miles north
14or south of an airport runway aligned in an east-west direction
15and located at O'Hare International Airport.
16    (d) This Section is exempt from the provisions of Section
17250.
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.