HB0882 101ST GENERAL ASSEMBLY

LRB101 04731 HLH 49740 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB0882

Introduced , by Rep. Joe Sosnowski

SYNOPSIS AS INTRODUCED:

35 ILCS 5/229 new

Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 10% of the qualified costs incurred by the taxpayer during the taxable year for the purposes of purchasing and planting qualified trees in the State. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 229 as follows:

(35 ILCS 5/229 new)

Sec. 229. Credit for purchasing and planting qualified trees.

(a) For taxable years beginning on or after January 1, 2019, each taxpayer is entitled to a credit against the taxes imposed by subsections (a) and (b) of Section 201 of this Act in an amount equal to 10% of the qualified costs incurred by the taxpayer during the taxable year. The taxpayer must incur a minimum of $100 in qualified costs during the taxable year to be eligible for the credit under this Section. In no event may the amount of the credit under this Section exceed $1,000 for any taxpayer in any taxable year.

(b) In no event shall a credit under this Section reduce a taxpayer's liability to less than zero. If the amount of credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability for the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset liability, the earlier credit shall be applied first.

(c) As used in this Section:

"Qualified costs" means costs incurred by the taxpayer for the purposes of purchasing and planting qualified trees in the State.

"Qualified tree" means any of the following:

(1) black walnut;

(2) red oak;

(3) white oak;

(4) scarlet oak;

(5) laurel oak;

(6) dogwood;

(7) horse chestnut;

(8) white pine;

(9) red pine;

(10) ponderosa pine;

(11) American linden;

(12) blue spruce; or

(13) red mulberry.

(d) This Section is exempt from the provisions of Section 250.

Section 99. Effective date. This Act takes effect upon becoming law.