92nd General Assembly
Summary of HB3559
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House Sponsors:
DANIELS-MCAULIFFE-SAVIANO-BIGGINS-MOORE.

Short description: 
INC TX-SOUNDPROOFING CR                                                    

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act and the  Civil  Administrative      
   Code  of  Illinois.   Creates  an income tax credit for taxpayers that      
   receive  a  certificate  of  eligibility  from   the   Department   of      
   Transportation  in  an  amount equal to 50% of the amounts expended by      
   the taxpayer on soundproofing a building that (1) is within 5 miles of      
   O'Hare International Airport or Midway Airport or (2) is within the 60      
   day-night average sound level (DNL) noise contour area.  Provides that      
   the credit may not exceed $10,000 and may not  reduce  the  taxpayer's      
   liability  under  the  Act  to  less  than  zero.   Provides  that the      
   Department of Transportation,  in  cooperation  with  the  communities      
   surrounding  O'Hare and the City of Chicago, shall prescribe rules for      
   determining who is eligible for a certificate of eligibility  for  the      
   credit.   Applicable  to  tax  years  beginning on or after January 1,      
   2001.  Sunsets the credit after 10 years.  Effective immediately.           
 
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 



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