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| [ Senate Amendment 002 ] |
90_HB0282sam001
LRB9002145JSgcam02
1 AMENDMENT TO HOUSE BILL 282
2 AMENDMENT NO. . Amend House Bill 282 by replacing
3 the title with the following:
4 "AN ACT in relation to taxes, amending named Acts."; and
5 by replacing everything after the enacting clause with the
6 following;
7 "Section 5. The Civil Administrative Code of Illinois
8 is amended by adding Section 40.30 as follows:
9 (20 ILCS 205/40.30 new)
10 Sec. 40.30. To conduct a study in 2002, in cooperation
11 with the Illinois Department of Revenue, on the effects on
12 the corn-based and soybean-based biodegradable and
13 biocomposite materials markets resulting from the
14 Biodegradable and Biocomposite Materials Tax Credit provided
15 in Section 211 of the Illinois Income Tax Act. The
16 Department shall report its findings to the Illinois General
17 Assembly by February 1, 2003.
18 Section 10. The Illinois Income Tax Act is amended by
19 adding Section 211 as follows:
-2- LRB9002145JSgcam02
1 (35 ILCS 5/211 new)
2 Sec. 211. Biodegradable and Biocomposite Materials Tax
3 Credit.
4 (a) For tax years beginning on or after January 1, 1997
5 and ending before December 30, 2002, each corporation subject
6 to this Act shall be entitled to a credit against the tax
7 imposed by subsections (a) and (b) of Section 201 in an
8 amount equal to 5% of the amount expended by a corporation on
9 biodegradable and biocomposite materials made of corn or
10 soybean products, including, but not limited to, corn-based
11 biodegradable and biocomposite packing peanuts or
12 soybean-based biodegradable and biocomposite building
13 materials. The Department of Revenue shall, by rule,
14 determine what materials qualify as biodegradable and
15 biocomposite materials for purposes of this Section. In no
16 instance shall the credit provided in this Section reduce the
17 corporation's liability under this Act below zero.
18 (b) If the amount of the credit exceeds the tax
19 liability for the year, the excess may be carried forward and
20 applied to the tax liability of the 5 taxable years following
21 the excess credit year. The credit shall be applied to the
22 earliest year for which there is a tax liability. If there
23 are credits from more than one tax year that are available to
24 offset a liability, the earlier credit shall be applied
25 first.
26 Section 99. Effective date. This Act takes effect upon
27 becoming law.".