90th General Assembly
Summary of SB1291
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Short description: 
INC TX-BROWNFIELDS                                                         

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

           Location: Senate

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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