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90_HB0282enr
240 ILCS 40/10-25
Amends the Grain Code. Makes stylistic changes.
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HB0282 Enrolled LRB9002145JSmg
1 AN ACT in relation to taxes, amending named Acts.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Civil Administrative Code of Illinois is
5 amended by adding Section 40.30 as follows:
6 (20 ILCS 205/40.30 new)
7 Sec. 40.30. To conduct a study in 2002, in cooperation
8 with the Illinois Department of Revenue, on the effects on
9 the corn-based and soybean-based biodegradable and
10 biocomposite materials markets resulting from the
11 Biodegradable and Biocomposite Materials Tax Credit provided
12 in Section 211 of the Illinois Income Tax Act. The
13 Department shall report its findings to the Illinois General
14 Assembly by February 1, 2003.
15 Section 10. The Illinois Income Tax Act is amended by
16 adding Sections 211 and 212 as follows:
17 (35 ILCS 5/211 new)
18 Sec. 211. Biodegradable and Biocomposite Materials Tax
19 Credit.
20 (a) For tax years beginning on or after January 1, 1997
21 and ending before December 30, 2002, each corporation subject
22 to this Act shall be entitled to a credit against the tax
23 imposed by subsections (a) and (b) of Section 201 in an
24 amount equal to 5% of the amount expended by a corporation on
25 biodegradable and biocomposite materials made of corn or
26 soybean products, including, but not limited to, corn-based
27 biodegradable and biocomposite packing peanuts or
28 soybean-based biodegradable and biocomposite building
29 materials. The Department of Revenue shall, by rule,
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1 determine what materials qualify as biodegradable and
2 biocomposite materials for purposes of this Section. In no
3 instance shall the credit provided in this Section reduce the
4 corporation's liability under this Act below zero.
5 (b) If the amount of the credit exceeds the tax
6 liability for the year, the excess may be carried forward and
7 applied to the tax liability of the 5 taxable years following
8 the excess credit year. The credit shall be applied to the
9 earliest year for which there is a tax liability. If there
10 are credits from more than one tax year that are available to
11 offset a liability, the earlier credit shall be applied
12 first.
13 (35 ILCS 5/212 new)
14 Sec. 212. Tax credit for companies producing air
15 pollution control equipment. Beginning with taxable years
16 beginning on or after January 1, 1998 and ending with taxable
17 years ending on or before December 30, 2008, every company
18 that (i) manufactures air pollution control equipment such as
19 after burners, carbon absorbers, fabric filters, or scrubbers
20 that are designed to reduce sulfur dioxide or carbon monoxide
21 emissions in accordance with the Clean Air Act of 1990 or
22 (ii) produces continuous emission monitoring systems shall be
23 entitled to a tax credit equal to 5% of the company's income
24 derived from the manufacture or production of air pollution
25 control equipment or continuous emission monitoring systems
26 if the company locates or is currently located in a
27 financially distressed county that has an active, operating
28 coal mine that has reduced production or has had an active
29 coal mine close within the last 10 years. The Department of
30 Commerce and Community Affairs, after consulting with the
31 Department of Employment Security, shall define "financially
32 distressed county" by administrative rule. This credit shall
33 not reduce the company's tax liability to less than zero.
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1 Section 99. Effective date. This Act takes effect upon
2 becoming law.