94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0540


 
Introduced 01/27/05, by Rep. Naomi D. Jakobsson - Mike Boland
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/216 new










    Amends the Illinois Income Tax Act.  Provides that, beginning with taxable years ending on or after December 31, 2005, each taxpayer is entitled to an income tax credit in the amount of fees paid in the taxable year by the taxpayer to a recycler for the acceptance of any electronic equipment surrendered by the taxpayer.  Provides that the tax credit may not reduce the taxpayer's liability to less than zero and may not be carried forward or back to apply to any other taxable year.  Exempts the credit from the sunset provisions of the Act.  Effective July 1, 2005.
















LRB094 06754 BDD 36856 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB0540

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1
    AN ACT concerning taxes.

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


 
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    Section 5. The Illinois Income Tax Act is amended  by adding 
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Section 216 as follows:
 
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    (35 ILCS 5/216  new)
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    Sec. 216. Electronic equipment recycling tax credit.
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    (a) Beginning with taxable years ending on or after 
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December 31, 2005, each taxpayer is entitled to a credit 
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against the tax imposed by subsections (a) and (b) of Section 
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201 in the amount of fees paid in the taxable year by the 
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taxpayer to a recycler for the acceptance of any electronic 
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equipment surrendered by the taxpayer.
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    (b) The tax credit may not reduce the taxpayer's liability 
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to less than zero. If the amount of the credit exceeds the tax 
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liability for the year, the excess may not be carried forward 
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or back to apply to the tax liability of any other taxable 
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year.

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    (c) As used in this Section, "electronic equipment" means 
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appliances that contain complex circuitry, circuit boards, or 
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signal processes and one or more hazardous elements.  
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"Electronic equipment" includes, but is not limited to, 
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televisions, audio and stereo equipment, monitors, computers, 
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video cassette recorders, computer keyboards, printers, 
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telephones, copy and facsimile machines, microwaves, scanners, 
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LAN equipment, pda equipment, and computer peripherals.

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

 

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    Section 99. Effective date. This Act takes effect July 1, 
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2005.