98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5806

 

Introduced , by Rep. John D. Anthony

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/224 new

    Amends the Illinois Income Tax Act. Provides that each taxpayer is entitled to a credit in an amount equal to 5% of the cost of renewable energy resources used by the taxpayer during the taxable year. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.


LRB098 18751 HLH 53896 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5806LRB098 18751 HLH 53896 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 energy resources.
8    (a) For taxable years beginning on or after January 1,
92015, each taxpayer is entitled to a credit against the tax
10imposed by subsections (a) and (b) of Section 201 in an amount
11equal to 5% of the cost of renewable energy resources used by
12the taxpayer during the taxable year. For the purposes of this
13Section, "renewable energy resources" has the meaning ascribed
14to that term in Section 6-3 of the Renewable Energy, Energy
15Efficiency, and Coal Resources Development Law of 1997.
16    (b) The tax credit may not reduce the taxpayer's liability
17to less than zero. If the amount of the tax credit exceeds the
18tax liability for the year, the excess may be carried forward
19and applied to the tax liability of the 5 taxable years
20following the excess credit year. The credit must be applied to
21the earliest year for which there is a tax liability. If there
22are credits from more than one tax year that are available to
23offset a liability, then the earlier credit must be applied

 

 

HB5806- 2 -LRB098 18751 HLH 53896 b

1first.
2    (c) This Section is exempt from the provisions of Section
3250.
 
4    Section 99. Effective date. This Act takes effect upon
5becoming law.