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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5172 Introduced , by Rep. Stephanie A. Kifowit SYNOPSIS AS INTRODUCED:
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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.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB5172 | | LRB100 20022 HLH 35304 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by adding |
| 5 | | Section 227 as follows:
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| 6 | | (35 ILCS 5/227 new) |
| 7 | | Sec. 227. Hydroponics credit. For taxable years ending on |
| 8 | | or after December 31, 2018, a taxpayer is entitled to a credit |
| 9 | | against the taxes imposed by subsections (a) and (b) of Section |
| 10 | | 201 in an amount equal to 50%, but not to exceed $2,500, of the |
| 11 | | costs incurred by the taxpayer during the taxable year in |
| 12 | | connection with the practice of hydroponics, including, but not |
| 13 | | limited to, the purchase of materials and construction |
| 14 | | supplies. |
| 15 | | In no event shall a credit under this Section reduce a |
| 16 | | taxpayer's liability to less than zero. If the amount of credit |
| 17 | | exceeds the tax liability for the year, the excess may be |
| 18 | | carried forward and applied to the tax liability for the 5 |
| 19 | | taxable years following the excess credit year. The tax credit |
| 20 | | shall be applied to the earliest year for which there is a tax |
| 21 | | liability. If there are credits for more than one year that are |
| 22 | | available to offset liability, the earlier credit shall be |
| 23 | | applied first. |