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[ Engrossed ] | [ Senate Amendment 001 ] |
90_HB1696 20 ILCS 2705/49.34 new 35 ILCS 5/211 new Amends the Illinois Income Tax Act and the Civil Administrative Code of Illinois. Creates an income tax credit for taxpayers that receive a certificate of eligibility from the Department of Transportation in an amount equal to 50% of the amounts expended by the taxpayer on soundproofing a building that (1) is within 5 miles of O'Hare International Airport or Midway Airport or (2) is within the 60 day-night average sound level (DNL) noise contour area. Provides that the credit may not exceed $10,000 and may not reduce the taxpayer's liability under the Act to less than zero. Provides that the Department of Transportation, in cooperation with the communities surrounding O'Hare and the city of Chicago, shall prescribe rules for determining who is eligible for a certificate of eligibility for the credit. Applicable to tax years beginning on or after January 1, 1997. Sunsets the credit after 10 years. Effective immediately. LRB9004653KDks LRB9004653KDks 1 AN ACT concerning 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 49.34 as follows: 6 (20 ILCS 2705/49.34 new) 7 Sec. 49.34. The Department, in cooperation with the 8 communities surrounding O'Hare International Airport and the 9 city of Chicago, shall prescribe rules to be used in 10 determining whether a building is within the 60 day-night 11 average sound level (DNL) noise contour area for purposes of 12 receiving the Soundproofing Tax Credit provided in Section 13 211 of the Illinois Income Tax Act. 14 Section 10. The Illinois Income Tax Act is amended by 15 adding Section 211 as follows: 16 (35 ILCS 5/211 new) 17 Sec. 211. Soundproofing Tax Credit. 18 (a) For tax years beginning on and after January 1, 1997 19 and ending on or before December 30, 2007, each taxpayer 20 receiving a certificate of eligibility from the Department of 21 Transportation as provided in subsection (b) shall be 22 entitled to a tax credit against the taxes imposed under this 23 Act in an amount equal to 50% of the expenditures by the 24 taxpayer for the cost of soundproofing any building that (1) 25 lies within 5 miles of O'Hare International Airport or Midway 26 Airport or (2) is within the 60 day-night average sound level 27 (DNL) noise contour area, as certified by the Illinois 28 Department of Transportation. In no event shall a credit 29 under this Section exceed $10,000. In no event shall a -2- LRB9004653KDks 1 credit under this Section reduce the taxpayer's liability 2 under this Act to less than zero. 3 (b) Any taxpayer applying for a credit under this 4 Section shall apply to the Department of Transportation for a 5 certificate of eligibility for the credit on a form 6 prescribed by the Department and shall provide any 7 information required by the Department. The Department of 8 Transportation, in cooperation with the communities 9 surrounding O'Hare and the city of Chicago, shall prescribe 10 rules to determine eligibility for the credit in accordance 11 with Section 49.34 of the Civil Administrative Code of 12 Illinois. If the Department of Transportation determines 13 that the taxpayer is eligible for the credit, it shall issue 14 a certificate of eligibility for the credit in the form 15 prescribed by the Department. The Department of 16 Transportation shall file with the Department a copy of each 17 certificate of eligibility for the credit under this Section. 18 Section 99. Effective date. This Act takes effect upon 19 becoming law.