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093_SB1535eng
SB1535 Engrossed LRB093 10861 SJM 11351 b
1 AN ACT concerning rural technology.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 1. Short title. This Act may be cited as the
5 Rural Technology Development Zone Act.
6 Section 5. Zones established. Subject to appropriation,
7 the Department of Commerce and Community Affairs (DCCA) may
8 implement a pilot program to designate 3 rural areas in the
9 State as rural technology development zones. The pilot
10 programs shall be in areas that are underserved with respect
11 to technology development. DCCA shall determine which 3
12 underserved areas shall be designated as technology
13 development zones in consultation with the Illinois Commerce
14 Commission. In designating the zones, DCCA shall specify by
15 rule, based upon the needs and assessment inventory, the
16 specific technology infrastructure needs of each rural
17 technology development zone and the types of investments that
18 will meet those needs. For each rural technology development
19 zone designated under this Section, DCCA shall further
20 specify all of the following:
21 (1) The boundaries of the rural technology
22 development zone.
23 (2) The potential for increasing Internet access
24 within the rural technology development zone.
25 (3) The specific technology infrastructure required
26 to provide adequate Internet access within the zone and
27 any unique needs or characteristics of the zone.
28 (4) The specific investments in technology
29 infrastructure that will qualify for income tax credits
30 in the zone under Section 213 of the Illinois Income Tax
31 Act.
SB1535 Engrossed -2- LRB093 10861 SJM 11351 b
1 (5) Any other information DCCA deems pertinent.
2 Section 10. Report to the General Assembly. DCCA shall
3 submit a report to the General Assembly on or before
4 September 1, 2005 outlining the progress, if any, in
5 improving Internet access within rural technology development
6 zones. The report shall include, but is not limited to, the
7 following information:
8 (1) An analysis of the changes made in technology
9 infrastructure in the rural technology development zones
10 to improve Internet access and the effects of those
11 changes.
12 (2) Any available statistics concerning the amount
13 of investments made in rural technology development
14 zones.
15 Section 15. Rules. DCCA shall adopt any rules necessary
16 for the administration of this Act.
17 Section 90. The Illinois Income Tax Act is amended by
18 adding Section 213 as follows:
19 (35 ILCS 5/213 new)
20 Sec. 213. Rural technology development zone tax credit.
21 (a) For taxable years beginning on or after January 1,
22 2004 and before January 1, 2010, each taxpayer is entitled to
23 a credit against the tax imposed by subsections (a) and (b)
24 of Section 201 in an amount equal to 10% of the amount of the
25 total investment made during the taxable year by the taxpayer
26 in technology infrastructure required to provide Internet
27 access in rural technology development zones. This credit may
28 be claimed only for specific capital investments in
29 technology infrastructure that will qualify for income tax
30 credits in the development zone as specified by the
SB1535 Engrossed -3- LRB093 10861 SJM 11351 b
1 Department of Commerce and Community Affairs under item (4)
2 of Section 5 of the Rural Technology Development Zone Act.
3 The credit claimed by a taxpayer under this Section shall not
4 exceed $100,000 in any one taxable year.
5 (b) If the credit allowed under this Section exceeds the
6 income taxes otherwise due on the claimant's income, the
7 amount of the credit not used as an offset against income
8 taxes may be carried forward as a tax credit against
9 subsequent years' income tax liability for a period not to
10 exceed 10 years and shall be applied first to the earliest
11 years possible.
12 (c) The credit awarded under this Section is limited as
13 follows:
14 (1) The credit claimed shall not exceed $100,000
15 per year. Qualified investments in excess of $1,000,000
16 in any tax year cannot earn a credit and cannot be
17 carried forward.
18 (2) A partnership, S corporation, or other similar
19 pass-through entity or a disregarded entity may pass
20 through up to $100,000 in total credit to its partners,
21 shareholders, or members. Each partner, shareholder, or
22 member's portion of the credit is determined according to
23 the ratio in which profits or losses of the entity are
24 allocated.
25 Section 99. Effective date. This Act takes effect upon
26 becoming law.
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