98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB1028
 
Introduced , by Rep. La Shawn K. Ford
 
SYNOPSIS AS INTRODUCED:
 

 
35 ILCS 5/224 new

     Amends the Illinois Income Tax Act.  Creates a credit in an amount equal to any unreimbursed eligible remediation costs paid by the taxpayer for the remediation of a brownfield site located in the City of Chicago.  Provides that a taxpayer is not eligible for the credit if the taxpayer or any related party caused or contributed to, in any material respect, a release of regulated substances on, in, or under the site that was identified and addressed by the remedial action pursuant to the Site Remediation Program of the Environmental Protection Act.  Provides that the credit is exempt from the Act's automatic sunset provision.
  


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FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
HB1028LRB098 02684 HLH 32690 b


  
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. Brownfield remediation credit. 
8    (a)  For tax years ending on or after December 31, 2013, 
9each taxpayer shall be allowed a credit against the tax imposed 
10by subsections (a) and (b) of Section 201 of this Act in an 
11amount equal to any unreimbursed eligible remediation costs 
12paid by the taxpayer for the remediation of a brownfield site 
13located in the City of Chicago.  The credit must be claimed for 
14the taxable year in which Agency approval of the eligible 
15remediation costs is granted.
16    (b)  A credit under this Section is not available to any 
17taxpayer if the taxpayer or any related party caused or 
18contributed to, in any material respect, a release of regulated 
19substances on, in, or under the site that was identified and 
20addressed by the remedial action pursuant to the Site 
21Remediation Program of the Environmental Protection Act.  A 
22taxpayer is not entitled to a credit under this Section if the 
23taxpayer received a credit under subsection (n) of Section 201 
 
 
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1for the same remediation costs. 
2    (c)  A credit allowed under this Section that is unused in 
3the year the credit is earned may be carried forward to each of 
4the 5 taxable years following the year for which the credit is 
5first earned until it is used. This credit shall be applied 
6first to the earliest year for which there is a liability. If 
7there is a credit under this Section from more than one tax 
8year that is available to offset a liability, the earliest 
9credit arising under this subsection shall be applied first. 
10    (d)  For purposes of this Section:
11    "Agency" means the Illinois Environmental Protection 
12Agency. 
13    "Brownfield site" has the meaning ascribed to that term in 
14Section 58.2 of the Environmental Protection Act. 
15    "Related party" has the meaning ascribed to that term in 
16subsection (n) of Section 201 of this Act. 
17    "Unreimbursed eligible remediation costs" means costs 
18approved by the Agency under Section 58.14a of the 
19Environmental Protection Act that were paid in performing 
20environmental remediation at a brownfield site in the City of 
21Chicago for which a No Further Remediation Letter was issued by 
22the Agency and recorded under Section 58.10 of the 
23Environmental Protection Act. 
24    (e)  This Section is exempt from the provisions of Section 
25250 of this Act.