MOFFITT-SMITH,MICHAEL-BOLAND-JONES,JOHN-MYERS AND CURRY,JULIE. (SIEBEN-LUECHTEFELD) 20 ILCS 205/40.30 new 35 ILCS 5/211 new Amends the Civil Administrative Code of Illinois and the Illinois Income Tax Act. Creates an income tax credit for corporations in an amount equal to 5% of the amounts spent by the corporation during the taxable year on biodegradable materials made of corn or soybean products. Provides that the credit may be carried forward for 5 years. Provides that in no event shall the credit reduce the corporation's tax liability to below zero. Provides that the credit applies to tax years beginning on or after January 1, 1997. Sunsets the credit after 5 years. Requires the Department of Agriculture, in cooperation with the Department of Revenue, to study the effect of the credit on the corn-based and soybean-based biodegradable materials markets at the end of the 5-year period. Effective immediately. HOUSE AMENDMENT NO. 1. Provides that the tax credit shall be available for biocomposite, as well as biodegradable, materials. HOUSE AMENDMENT NO. 2. Provides that the Department of Revenue, rather than the Department of Agriculture, shall, by rule, determine what materials qualify as biodegradable and biocomposite materials. SENATE AMENDMENT NO. 1. Deletes reference to: 20 ILCS 205/40.30 new 35 ILCS 5/211 new Adds reference to: New Act from Ch. 67 1/2, par. 404 320 ILCS 25/4 Deletes everything. Creates the Illinois Farm Economic Development and Renewable Fuel Act. Provides that the Director of Agriculture shall make cash payments to certain grain processing centers at which ethyl alcohol is produced by fermenting corn or other organic materials. Provides that the Director shall make payments to processors of corn for electricity generated using closed-loop biomass, coal methane gas from abandoned mines, or methane from waste disposal in a cogeneration facility serving a processing center or associated industry in this State. Provides that the Act expires December 31, 2005. Amends the Senior Citizens and Disabled Persons Property Tax Relief and Pharmaceutical Assistance Act. Conditions eligibility for a grant on annual household income of less than $16,000 for grant year 1997 and thereafter (now $14,000). Provides that in no event is the grant to exceed (1) $700 less 4.5% of household income for the year if the household income is less than $14,000 or (2) $70 if the household income for that year is $14,000 or more but less than $16,000 (now may not exceed $700 less 4.5% of household income for that year). Effective January 1, 1998. 97-02-27 H FIRST READING 97-02-27 H REFERRED TO HOUSE RULES COMMITTEE RULES 97-02-28 H ASSIGNED TO COMMITTEE REVENUE 97-02-28 H ADDED AS A JOINT SPONSOR SMITH,MICHAEL 97-02-28 H ADDED AS A CO-SPONSOR BOLAND 97-02-28 H ADDED AS A CO-SPONSOR JONES,JOHN 97-02-28 H ADDED AS A CO-SPONSOR MYERS 97-03-13 H AMENDMENT NO. 01-REVENUE H 97-03-13 H ADOPTED 97-03-13 H DO PASS AMENDED/SHORT DEBATE 010-001-000 HREV 97-03-13 H PLACED CALENDAR 2ND READING-SHORT DEBATE 97-04-08 H AMENDMENT NO. 02-MOFFITT 97-04-08 H AMENDMENT REFERRED TO HRUL 97-04-08 H SECOND READING-SHORT DEBATE 97-04-08 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-04-09 H RECALLED TO SECOND READING-SHORT DEBATE 97-04-09 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 97-04-09 H AMENDMENT NO. 02-MOFFITT 97-04-09 H BE ADOPTED HRUL/003-002-000 97-04-09 H HELD ON CAL ORDER 2ND RDG - SHORT DEBATE 97-04-10 H AMENDMENT NO. 02-MOFFITT 97-04-10 H ADOPTED 97-04-10 H PLCD CAL ORDER 3RD READING-SHORT DEBATE 97-04-25 H ADDED AS A CO-SPONSOR CURRY,JULIE 97-04-25 H THIRD READING/SHORT DEBATE/PASSED 106-009-001 97-04-29 S ARRIVE IN SENATE 97-04-29 S CHIEF SPONSOR SIEBEN 97-04-29 S PLACED CALENDAR ORDER OF FIRST READING 97-04-29 S FIRST READING 97-04-29 S REFERRED TO SENATE RULES COMMITTEE RULES 97-10-30 S ASSIGNED TO COMMITTEE REVENUE 97-10-30 S ADDED AS A CHIEF CO-SPONSOR LUECHTEFELD 97-11-13 S AMENDMENT NO. 01-REVENUE S 97-11-13 S ADOPTED 97-11-13 S DO PASS AS AMENDED 006-000-000 SREV 97-11-13 S PLACED ON CALENDAR ORDER OF 2ND READING 97-11-14 97-11-14 S SECOND READING 97-11-14 S PLACED ON CALENDAR ORDER OF 3RD READING 98-01-14 97-12-15 S REFER TO RULES/PURSUANT SEN RULE 3-9 (B) RULES SRUL 99-01-12 H SESSION SINE DIE END OF INQUIRY Full Text Bill Summary