100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5172

 

Introduced , by Rep. Stephanie A. Kifowit

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/227 new

    Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 50%, but not to exceed $2,500, of the costs incurred by the taxpayer during the taxable year in connection with the practice of hydroponics. Effective immediately.


LRB100 20022 HLH 35304 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB5172LRB100 20022 HLH 35304 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 227 as follows:
 
6    (35 ILCS 5/227 new)
7    Sec. 227. Hydroponics credit. For taxable years ending on
8or after December 31, 2018, a taxpayer is entitled to a credit
9against the taxes imposed by subsections (a) and (b) of Section
10201 in an amount equal to 50%, but not to exceed $2,500, of the
11costs incurred by the taxpayer during the taxable year in
12connection with the practice of hydroponics, including, but not
13limited to, the purchase of materials and construction
14supplies.
15    In no event shall a credit under this Section reduce a
16taxpayer's liability to less than zero. If the amount of credit
17exceeds the tax liability for the year, the excess may be
18carried forward and applied to the tax liability for the 5
19taxable years following the excess credit year. The tax credit
20shall be applied to the earliest year for which there is a tax
21liability. If there are credits for more than one year that are
22available to offset liability, the earlier credit shall be
23applied first.

 

 

HB5172- 2 -LRB100 20022 HLH 35304 b

1    As used in this Section, "hydroponics" means the process of
2growing produce, intended for consumption, in sand, gravel, or
3liquid, with added nutrients, but without soil.
4    This Section is exempt from the provisions of Section 250.
 
5    Section 99. Effective date. This Act takes effect upon
6becoming law.