96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5028

 

Introduced 1/25/2010, by Rep. Carol A. Sente - Keith Farnham

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/219 new

    Amends the Illinois Income Tax Act. Creates a green services and products credit. Provides that a taxpayer is entitled to a credit equal to 6 1/2% of the increased income over the prior tax year received by the taxpayer from the provision of green services and the production of green products in this State. Provides that the credit may be carried forward for a period of 5 years.


LRB096 19044 HLH 34435 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5028 LRB096 19044 HLH 34435 b

1     AN ACT concerning revenue.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Income Tax Act is amended by adding
5 Section 219 as follows:
 
6     (35 ILCS 5/219 new)
7     Sec. 219. Green services and products credit. For tax
8 years ending on and after December 31, 2010, each taxpayer
9 shall be allowed a credit against the tax imposed by
10 subsections (a) and (b) of Section 201 of this Act for
11 increasing the provision of green services and the production
12 of green products in this State. The credit allowed shall be
13 equal to 6 1/2% of the increased income over the prior tax year
14 received by the taxpayer from the provision of green services
15 and the production of green products in this State. For
16 partners, shareholders of subchapter S corporations, and
17 owners of limited liability companies, if the liability company
18 is treated as a partnership for purposes of federal and State
19 income taxation, there shall be allowed a credit under this
20 subsection to be determined in accordance with the
21 determination of income and distributive share of income under
22 Sections 702 and 704 and subchapter S of the Internal Revenue
23 Code.

 

 

HB5028 - 2 - LRB096 19044 HLH 34435 b

1     The tax credit awarded under this Section may not reduce
2 the taxpayer's liability to less than zero. If the amount of
3 the tax credit exceeds the tax liability for the year, the
4 excess may be carried forward and applied to the tax liability
5 of the 5 taxable years following the excess credit year. The
6 credit must be applied to the earliest year for which there is
7 a tax liability. If there are credits from more than one tax
8 year that are available to offset a liability, then the
9 earliest credit must be applied first, except that no credit
10 may be carried forward under this Section more than 5 years
11 after the year in which the expense for which the credit is
12 given was incurred.
13