102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0421

 

Introduced 2/8/2021, by Rep. Joyce Mason

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/246 new

    Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers that own and operate a sanitary landfill in the State and incur noise mitigation costs during the taxable year in connection with that sanitary landfill. Provides that the taxpayer shall apply to the Illinois Environmental Protection Agency for the credit. Provides that the amount of the credit may not exceed 5% of the costs incurred during the taxable year for labor and materials in connection with those noise mitigation measures.


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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
5adding Section 246 as follows:
 
6    (35 ILCS 5/246 new)
7    Sec. 246. Landfill noise mitigation credit.
8    (a) Notwithstanding any other provision of law, for
9taxable years beginning on or after January 1, 2022, each
10taxpayer that owns and operates a sanitary landfill in the
11State and incurs noise mitigation costs during the taxable
12year in connection with that sanitary landfill may apply to
13the Illinois Environmental Protection Agency for a credit
14against the tax imposed by subsections (a) and (b) of Section
15201. The amount of the credit may not exceed 5% of the costs
16incurred during the taxable year for labor and materials in
17connection with those noise mitigation measures. To be
18eligible for the credit, the landfill must meet requirements
19set forth by the Illinois Environmental Protection Agency for
20noise compliance. The Department and the Illinois
21Environmental Protection Agency may adopt rules for the
22implementation of this Section.
23    (b) In no event shall a credit under this Section reduce

 

 

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1the taxpayer's liability to less than zero. If the amount of
2the credit exceeds the tax liability for the year, the excess
3may be carried forward and applied to the tax liability of the
45 taxable years following the excess credit year. The tax
5credit shall be applied to the earliest year for which there is
6a tax liability. If there are credits for more than one year
7that are available to offset a liability, the earlier credit
8shall be applied first.
9    (c) This Section is exempt from the provisions Section
10250.