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Rep. Thomas Holbrook
Filed: 2/23/2011
| | 09700HB1089ham001 | | LRB097 06434 HLH 50217 a |
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| 1 | | AMENDMENT TO HOUSE BILL 1089
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| 2 | | AMENDMENT NO. ______. Amend House Bill 1089 on page 6, line |
| 3 | | 1, by replacing "Section 221" with "Sections 221 and 222"; and
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| 4 | | on page 6, immediately below line 14, by inserting the |
| 5 | | following:
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| 6 | | "(35 ILCS 5/222 new) |
| 7 | | Sec. 222. Credit for mechanical insulation. For each |
| 8 | | taxable year beginning on or after January 1, 2011, each |
| 9 | | taxpayer is entitled to a credit against the tax imposed by |
| 10 | | subsections (a) and (b) of Section 201 of this Act in an amount |
| 11 | | equal to the applicable percentage of the cost of mechanical |
| 12 | | insulation property placed in service in the State during the |
| 13 | | taxable year. |
| 14 | | In no event shall a credit under this Section reduce the |
| 15 | | taxpayer's liability to less than zero. If the amount of the |
| 16 | | credit exceeds the tax liability for the year, the excess may |
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| | 09700HB1089ham001 | - 2 - | LRB097 06434 HLH 50217 a |
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| 1 | | be carried forward and applied to the tax liability of the 5 |
| 2 | | taxable years following the excess credit year. The tax credit |
| 3 | | shall be applied to the earliest year for which there is a tax |
| 4 | | liability. If there are credits for more than one year that are |
| 5 | | available to offset a liability, the earlier credit shall be |
| 6 | | applied first. |
| 7 | | For purposes of this Section: |
| 8 | | "ASHRAE" means the American Society of Heating, |
| 9 | | Refrigerating, and Air-Conditioning Engineers. |
| 10 | | "Mechanical insulation property" includes insulation |
| 11 | | materials, facings, and accessory products used for |
| 12 | | thermal requirements for mechanical piping and equipment, |
| 13 | | hot and cold applications, and heating, venting, and air |
| 14 | | conditioning applications. |
| 15 | | "Cost of mechanical insulation property" includes any |
| 16 | | amount paid or incurred for the installation of mechanical |
| 17 | | insulation property that exceeds ASHRAE standard |
| 18 | | 90.1-2007. |
| 19 | | "Applicable percentage" means the lesser of (i) 30% or |
| 20 | | (ii) the reduction in energy loss (expressed as a |
| 21 | | percentage) from the installed mechanical insulation |
| 22 | | property compared with mechanical insulation property that |
| 23 | | meets the minimum requirements of ASHRAE standard |
| 24 | | 90.1-2007.".
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