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90_SB0969
35 ILCS 5/211 new
Amends the Illinois Income Tax Act. Provides that
beginning with tax years ending on or after December 31, 1997
and ending with tax years ending on or before December 31,
2001, a corporation is entitled to a credit in the amount of
25% of the amounts directly invested by the corporation
during the tax year for the voluntary environmental
remediation of contaminated sites located in the State.
Provides that any excess credit may be carried forward and
applied to tax liability for 5 years.
LRB9002393KDcc
LRB9002393KDcc
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. Environmental remediation credit.
9 (a) Beginning with tax years ending on or after December
10 31, 1997, and ending with tax years ending on or before
11 December 31, 2001, each corporation subject to this Act is
12 entitled to a credit against the tax imposed under
13 subsections (a) and (b) of Section 201 of this Act in the
14 amount of 25% of the amounts directly invested by the
15 taxpayer during the tax year for the voluntary environmental
16 remediation of contaminated sites located in this State.
17 (b) As used in this Section:
18 "Contaminated site" means a site with one or more of the
19 following conditions:
20 (1) A release or threatened release of a hazardous,
21 toxic, or dangerous substance.
22 (2) A storage tank that contains a hazardous,
23 toxic, or dangerous substance.
24 (3) Illegal disposal of solid waste.
25 "Environmental remediation" means (i) removal or
26 remediation activity in accordance with an approved
27 environmental response action plan, including soil and
28 groundwater remediation, (ii) restoration of natural,
29 historic, or cultural resources at the site or the mitigation
30 of unavoidable losses of those resources incurred in
31 connection with the remediation or response activity, (iii)
-2- LRB9002393KDcc
1 health assessments or health effects studies, (iv)
2 environmental audits, (v) remediation of off-site
3 contamination caused by activity on the site, and (vi) any
4 other costs reasonably required due to the environmental
5 conditions of the site, including demolition of existing
6 contaminated structures, site security, and fees for permits
7 necessary for remediation.
8 "Hazardous, toxic, or dangerous substance" means a
9 substance, waste, or material that is treated as a hazardous,
10 toxic, or dangerous substance under the federal Comprehensive
11 Environmental Response, Compensation, and Liability Act of
12 1980 (42 U.S.C. 9601 et seq.), the federal Resource
13 Conservation and Recovery Act of 1976 (42 U.S.C. 6901 et
14 seq.), or a State or local environmental law or ordinance.
15 (c) If the amount of the credit exceeds the tax
16 liability for that year, whether it exceeds the original
17 liability or the liability as later amended, the excess may
18 be carried forward and applied to the tax liability of the 5
19 taxable years following the excess credit year. The credit
20 shall be applied to the earliest year for which there is a
21 liability. If there is credit from more than one tax year
22 that is available to offset a liability, earlier credit shall
23 be applied first.