House Sponsors: HOFFMAN-DAVIS,STEVE-HOLBROOK-MOORE-STEPHENS. Short description: ENVIRONMENTAL-TAX CREDIT-GRANT Synopsis of Bill as introduced: Amends the environmental remediation tax credit provisions in the Illinois Income Tax Act. Extends the credit to 2010 (now, expires December 31, 2001). Provides that the credit may be claimed for costs incurred during the 10-year period after approval rather than for just the year of approval. Changes how the limit on the credit allowed is calculated. Provides that the credit may be carried forward for 15 (now 5) years. Makes changes with respect to selling the credit. Makes other changes. Amends the environmental remediation tax credit review provisions in the Environmental Protection Act. Removes the requirement that no application for review be submitted until a "No Further Remediation Letter" is issued. Provides that the Environmental Protection Agency may file a lien on remediation property receiving a tax credit if the recipient fails to meet the conditions of the issuance of the credit. Provides that the Director of DCCA may grant tax credits and exemptions under the Economic Development for a Growing Economy Tax Credit Act and the Illinois Enterprise Zone Act. Amends those Acts accordingly. Authorizes the Director of DCCA to issue a Distressed Communities and Industries Grant to any entity for the purpose of paying the allowable costs needed to cause an eligible remediation project to occur. Provides that the credit provisions are applicable to taxable years ending on or after December 31, 2001. Makes other changes. Amends the State Finance Act to create the Distressed Communities and Industries Grant Fund. Requires the affected Departments to propose rules. Effective immediately. FISCAL NOTE (Environmental Protection Agency) The fiscal impact is estimated at $10,286,300 in addition to the indeterminate loss of tax revenues. DCCA grants $10,000,000 DCCA administrative costs $ 226,300 EPA costs $ 60,000 Last action on Bill: SESSION SINE DIE Last action date: JAN-07-2003 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status