Bill Status of HB5365 94th General Assembly
Short Description: INC TX-ALTERNATE ENERGY CREDIT
Rep. Carolyn H. Krause - Sidney H. Mathias
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides for a credit for taxpayers who, during the taxable year, install, on a building or property that is owned by the taxpayer and that is located in the State, a geothermal, solar, wind, or fuel cell energy device and sets the amount of the credit at the lesser of (i) $1,500 or (ii) 20% of the actual cost of the acquisition and installation of the device. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.