WOOLARD-NOLAND, MOFFITT AND BOST.
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
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2
END OF INQUIRY
Full Text Bill Status