MOFFITT-SMITH,MICHAEL-BOLAND-JONES,JOHN-MYERS AND CURRY,JULIE.
INC TX CR-BIODEGRADABLE MTLS
Synopsis of Bill as introduced:
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.
Last action on Bill: SESSION SINE DIE
Last action date: 99-01-12
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 2 SENATE - 1
END OF INQUIRY
Full Text Bill Status