HB5543 94TH GENERAL ASSEMBLY

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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB5543

Introduced 01/27/06, by Rep. Elizabeth Coulson

SYNOPSIS AS INTRODUCED:

35 ILCS 5/216 new

Amends the Illinois Income Tax Act. Creates an income tax credit for individual taxpayers in an amount equal to the taxpayer's federal income tax credit for alternative motor vehicles. 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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 216 as follows:

(35 ILCS 5/216 new)

Sec. 216. Alternative motor vehicle credit.

(a) For taxable years ending on or after December 31, 2006 and on or before December 30, 2011, each individual taxpayer is entitled to a credit against the tax imposed under subsections (a) and (b) of Section 201 in an amount equal to 100% of the credit against the taxpayer's federal taxes to which the taxpayer is entitled, in the same taxable year, under Section 30B of the Internal Revenue Code.

(b) The credit may not be carried forward or back. In no event shall a credit under this Section reduce the taxpayer's liability to less than zero.

Section 99. Effective date. This Act takes effect upon becoming law.