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90_HB2648
35 ILCS 5/211 new
Amends the Illinois Income Tax Act. Creates an income
tax credit for a taxpayer that owns a livestock management
facility in the amount of 5% of amounts spent by the taxpayer
in the tax year on environmental equipment for the facility
that will mitigate air and water quality problems. Provides
that the Department of Agriculture, in cooperation with the
Illinois Environmental Protection Agency, shall, by rule,
determine what equipment qualifies for this credit. Provides
that in no event shall the credit reduce the taxpayer's
liability to below zero. Provides that the credit may be
carried forward for 5 years. Provides that the credit
applies to tax years beginning on or after January 1, 1998.
Sunsets the credit after 5 years. Effective immediately.
LRB9008725KDpc
LRB9008725KDpc
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. Livestock waste management tax credit. For tax
9 years beginning on or after January 1, 1998 and ending on or
10 before December 30, 2003, each taxpayer that is an owner of a
11 livestock management facility, as that term is defined in
12 Section 10.30 of the Livestock Management Facilities Act,
13 shall be entitled to a credit against the tax imposed under
14 subsections (a) and (b) of Section 201 in an amount equal to
15 5% of the amount spent by the facility owner on environmental
16 equipment for the facility that will mitigate air and water
17 quality problems. The Department of Agriculture, in
18 cooperation with the Illinois Environmental Protection
19 Agency, shall, by rule, determine what equipment qualifies as
20 environmental equipment that mitigates air and water quality
21 problems for purposes of this Section. In no event shall this
22 credit reduce the taxpayer's liability under this Act below
23 zero.
24 (b) If the amount of the credit exceeds the tax
25 liability for the year, the excess may be carried forward and
26 applied to the tax liability for the 5 taxable years
27 following the excess credit year. The credit shall be applied
28 to the earliest year for which there is a tax liability. If
29 there are credits from more than one tax year that are
30 available to offset a liability, the earlier credit shall be
31 applied first.
-2- LRB9008725KDpc
1 Section 99. Effective date. This Act takes effect upon
2 becoming law.