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| [ Introduced ] | [ House Amendment 001 ] |
90_HB0009eng
35 ILCS 5/211 new
Amends the Illinois Income Tax Act. Creates an income
tax credit for companies that manufacture air pollution
control equipment or continuous emission monitoring systems
of 5% of the company's income derived from the manufacture or
production of air pollution control equipment or continuous
emission monitoring systems if the company locates or is
located in a county that has an active, operating coal mine
that is financially distressed or has had an active mine
close within the last 10 years.
LRB9000787DNmb
HB0009 Engrossed LRB9000787DNmb
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. Tax credit for companies producing air
9 pollution control equipment. Beginning with taxable years
10 beginning on or after January 1, 1998 and ending with taxable
11 years ending on or before December 30, 2008, every company
12 that (i) manufactures air pollution control equipment such as
13 after burners, carbon absorbers, fabric filters, or scrubbers
14 that are designed to reduce sulfur dioxide or carbon monoxide
15 emissions in accordance with the Clean Air Act of 1990 or
16 (ii) produces continuous emission monitoring systems shall be
17 entitled to a tax credit equal to 5% of the company's income
18 derived from the manufacture or production of air pollution
19 control equipment or continuous emission monitoring systems
20 if the company locates or is currently located in a
21 financially distressed county that has an active, operating
22 coal mine that has reduced production or has had an active
23 coal mine close within the last 10 years. The Department of
24 Commerce and Community Affairs, after consulting with the
25 Department of Employment Security, shall define "financially
26 distressed county" by administrative rule. This credit shall
27 not reduce the company's tax liability to less than zero.