House Sponsors: WOOLARD-NOLAND, MOFFITT AND BOST. Senate Sponsors: SIEBEN-REA Short description: INCOME TX ACT-CRDT CORPORATION Synopsis of Bill as introduced: Amends the Grain Code. Makes stylistic changes. FISCAL NOTE (Dept. of Agriculture) HB 282 will have no fiscal impact on this Dept. SENATE AMENDMENT NO. 1. Deletes reference to: 240 ILCS 40/10-25 Adds reference to: 20 ILCS 205/40.30 new 35 ILCS 5/211 new Replaces the title and everything after the enacting clause. 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 or biocomposite 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. SENATE AMENDMENT NO. 2. Adds reference to: 35 ILCS 5/212 new Amends the Illinois Income Tax Act. Creates an income tax credit for companies that manufacture air pollution control equipment or continuous emission monitoring systems of 5% of the company's income derived from the manufacture or production of air pollution control equipment or continuous emission monitoring systems if the company locates or is located in a county that has an active, operating coal mine that is financially distressed or has had an active mine close within the last 10 years. Last action on Bill: TOTAL VETO STANDS Last action date: 97-11-14 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2 END OF INQUIRY Full Text Bill Status