94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4255


 
Introduced 12/15/2005, by Rep. Naomi D. Jakobsson
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/216 new










    Amends the Illinois Income Tax Act. Provides for an income tax credit for landlords who provide recycling services to their residential tenants. Provides that credit does not apply with respect to any property that is located within a unit of local government that provides recycling services to its residents. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's income to less than zero. 
















LRB094 15896 BDD 51160 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4255

LRB094 15896 BDD 51160 b






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    AN ACT concerning revenue.

 
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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. Recycling services credit.
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    (a) For tax years ending on or after December 31, 2006 
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through tax years ending on or before December 30, 2012, each

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taxpayer who
is a landlord who provides, at the taxpayer's 
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cost, recycling services to the taxpayer's residential tenants 
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is entitled to a credit against the tax
imposed by
subsections 
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(a) and (b) of Section 201 in the following amounts:
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        (1) for recycling services provided to more than 4 but 
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    fewer than 26 residential units, the credit is $250; and
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        (2) for recycling services provided to 26 or more 
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    residential units, the credit is $500.
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    (b) This credit does not apply with respect to any property 
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that is located within a unit of local government that provides 
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recycling services to its residents.

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    (c) If the taxpayer is a partnership or Subchapter S

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corporation,  the  credit  is  allowed  to  the  partners  or

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shareholders in accordance with the determination  of  income
and  
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distributive  share of income under Sections 702 and 704
and  
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Subchapter  S  of  the  Internal   Revenue   Code. The credit may not 
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be carried forward  or  back.   In  no
event shall a credit under 
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this Section reduce the taxpayer's
liability to less than zero.