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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022 HB0686 Introduced 2/8/2021, by Rep. Joyce Mason SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to any investment made by the taxpayer during the taxable year for the installation or operation of an anaerobic digester. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB0686 | | LRB102 04122 HLH 14139 b |
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1 | | AN ACT concerning revenue.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Income Tax Act is amended by |
5 | | adding Section 232 as follows: |
6 | | (35 ILCS 5/232 new) |
7 | | Sec. 232. Anaerobic digester credit. |
8 | | (a) For taxable years ending on or after December 31, |
9 | | 2021, each taxpayer is entitled to a credit against the tax |
10 | | imposed by subsections (a) and (b) of Section 201 in an amount |
11 | | equal to any investment made by the taxpayer during the |
12 | | taxable year for the installation or operation of an anaerobic |
13 | | digester. |
14 | | (b) In no event shall a credit under this Section reduce |
15 | | the taxpayer's liability to less than zero. If the amount of |
16 | | the credit exceeds the tax liability for the year, the excess |
17 | | may be carried forward and applied to the tax liability of the |
18 | | 5 taxable years following the excess credit year. The tax |
19 | | credit shall be applied to the earliest year for which there is |
20 | | a tax liability. If there are credits for more than one year |
21 | | that are available to offset a liability, the earlier credit |
22 | | shall be applied first. |
23 | | (c) For partners, shareholders of Subchapter S |