State of Illinois
90th General Assembly
Legislation

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[ Senate Amendment 002 ]

90_HB0282enr

      240 ILCS 40/10-25
          Amends the Grain Code.  Makes stylistic changes.
                                                     LRB9002145JSmg
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,
HB0282 Enrolled            -2-                 LRB9002145JSmg
 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.
HB0282 Enrolled            -3-                 LRB9002145JSmg
 1        Section  99.  Effective date.  This Act takes effect upon
 2    becoming law.

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