WATSON-CLAYBORNE AND TROTTER.
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Deletes provision stating
that "unreimbursed eligible remediation costs" does not include
approved eligible remediation costs that are deducted under the
provisions of the Internal Revenue Code or costs that are taken into
account in calculating an environmental remediation credit granted
against a tax imposed under the Internal Revenue Code. Effective
SENATE AMENDMENT NO. 1.
Adds reference to:
35 ILCS 5/203
Further amends the Illinois Income Tax Act. Provides that for
individuals, corporations, and trusts and estates, the base income
shall include, for taxable years ending after December 31, 1997, an
amount equal to any eligible remediation costs that the taxpayer
deducted in computing adjusted gross income and for which the taxpayer
claimed an environmental remediation credit.
FISCAL NOTE (Dept. of Revenue)
Fiscal impact cannot be estimated until the number of taxpay-
ers taking the federal credit is known. The State's total
exposure for the brownfield tax credit enacted last year will
remain at $150,000 per qualified site in Illinois.
STATE MANDATES ACT FISCAL NOTE
Fails to create a State mandate.
HOME RULE NOTE
Contains no language preempting home rule authority.
Last action on Bill: PUBLIC ACT.............................. 90-0717
Last action date: 98-08-07
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status