98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3317

 

Introduced , by Rep. Barbara Wheeler

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/224 new

    Amends the Illinois Income Tax Act. Provides that each taxpayer that is engaged in the business of manufacturing renewable fuels is entitled to a credit in an amount equal to 1% of the basis of qualified property that (i) is used for the production of renewable fuels and (ii) is placed in service by the taxpayer during the taxable year. Provides that the credit may be carried forward for a period of 5 years and is exempt from the Act's automatic sunset provisions. Effective immediately.


LRB098 10061 HLH 40220 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3317LRB098 10061 HLH 40220 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. Renewable fuels. For taxable years beginning on
8or after January 1, 2014, each taxpayer that is engaged in the
9business of manufacturing renewable fuels is entitled to a
10credit against the tax imposed by subsections (a) and (b) of
11Section 201 in an amount equal to 1% of the basis of qualified
12property that (i) is used for the production of renewable fuels
13and (ii) is placed in service by the taxpayer during the
14taxable year. For the purposes of this Section, "renewable
15fuel" has the meaning ascribed to that term in the Illinois
16Renewable Fuels Development Program Act.
17    For partners, shareholders of Subchapter S corporations,
18and owners of limited liability companies, if the liability
19company is treated as a partnership for purposes of federal and
20State income taxation, there shall be allowed a credit under
21this Section to be determined in accordance with the
22determination of income and distributive share of income under
23Sections 702 and 704 and Subchapter S of the Internal Revenue

 

 

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1Code.
2    In no event shall a credit under this Section reduce the
3taxpayer's liability to less than zero. If the amount of the
4credit exceeds the tax liability for the year, the excess may
5be carried forward and applied to the tax liability of the 5
6taxable years following the excess credit year. The tax credit
7shall be applied to the earliest year for which there is a tax
8liability. If there are credits for more than one year that are
9available to offset a liability, the earlier credit shall be
10applied first.
11    This Section is exempt from the provisions of Section 250.
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.