Full Text of HB5365 094th General Assembly
HB5365 94TH GENERAL ASSEMBLY
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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 HB5365
Introduced 01/26/06, by Rep. Carolyn H. Krause SYNOPSIS AS INTRODUCED: |
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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.
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A BILL FOR
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HB5365 |
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LRB094 15877 BDD 51099 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by adding | 5 |
| Section 216 as follows: | 6 |
| (35 ILCS 5/216 new) | 7 |
| Sec. 216. Credit for alternate energy devices. | 8 |
| (a) For taxable years ending on or after December 31, 2006 | 9 |
| through taxable years ending on or before December 30, 2011, | 10 |
| each taxpayer who, during the taxable year, installs, on a | 11 |
| building or property that is owned by the taxpayer and that is | 12 |
| located in the State, a geothermal, solar, wind, or fuel cell | 13 |
| energy device is entitled to a credit against the tax imposed | 14 |
| under subsection (a) and (b) of Section 201 in an amount equal | 15 |
| to the lesser of (i) $1,500 or (ii) 20% of the actual cost of | 16 |
| the acquisition and installation of the device. | 17 |
| (b) For the purposes of this Section: | 18 |
| "Geothermal energy device" means a system or mechanism or | 19 |
| series of mechanisms designed to provide heating or cooling or | 20 |
| to produce electrical or mechanical power, or any combination | 21 |
| of these, by a method that extracts or converts the energy | 22 |
| naturally occurring beneath the earth's surface in rock | 23 |
| structures, water, or steam. | 24 |
| "Solar or wind energy device" means a system or mechanism | 25 |
| or series of mechanisms designed to provide heating or cooling | 26 |
| or to produce electrical or mechanical power, or any | 27 |
| combination of these, or to store any of these by a method that | 28 |
| converts the natural energy of the sun or the wind. | 29 |
| "Fuel cell energy device" means a system or mechanism or | 30 |
| series of mechanisms designed to provide heating or cooling or | 31 |
| to produce electrical or mechanical power, or any combination | 32 |
| of these, that continuously changes the chemical energy of a |
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HB5365 |
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LRB094 15877 BDD 51099 b |
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| fuel and an oxidant directly into electrical energy. | 2 |
| (c) If a geothermal, solar, wind, or fuel cell energy | 3 |
| device is part of a system that uses other means of energy, | 4 |
| then only that portion of the total system that is directly | 5 |
| attributable to the cost of the geothermal, solar, wind, or | 6 |
| fuel cell energy device may be included in determining the | 7 |
| amount of the credit. The costs of installation may not include | 8 |
| the costs of redesigning, remodeling, or otherwise altering the | 9 |
| structure of a building in which a geothermal, solar, wind, or | 10 |
| fuel cell energy device is installed. | 11 |
| (d) If the taxpayer is a partnership or Subchapter S
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| corporation, the credit is allowed to the partners or
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| shareholders in accordance with the determination of income
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| distributive share of income under Sections 702 and 704
and | 15 |
| Subchapter S of the Internal Revenue Code. | 16 |
| (e) The credit may not be carried forward or back. In no
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| event shall a credit under this Section reduce the taxpayer's
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| liability to less than zero.
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| Section 99. Effective date. This Act takes effect upon | 20 |
| becoming law.
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