HB3315 98TH GENERAL ASSEMBLY

LRB098 09422 HLH 39563 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB3315

Introduced , by Rep. Michael W. Tryon

SYNOPSIS AS INTRODUCED:

35 ILCS 5/224 new

Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2014, each taxpayer is entitled to a credit in an amount equal to 50% of the costs incurred by the taxpayer during the taxable year under a contract with a commercial composting facility for the purpose of collecting the taxpayer's compostable garbage, landscape waste, and unused food, separate from the traditional garbage, for transportation to the facility for composting. Provides that the credit may not exceed $2,000 per taxpayer in any taxable year. 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 224 as follows:

(35 ILCS 5/224 new)

Sec. 224. Composting credit. For taxable years beginning on or after January 1, 2014, each taxpayer is entitled to a credit against the tax imposed under subsections (a) and (b) of Section 201 in an amount equal to 50% of the costs incurred by the taxpayer during the taxable year under a contract with a commercial composting facility for the purpose of collecting the taxpayer's compostable garbage, landscape waste, and unused food, separate from the traditional garbage, for transportation to the facility for composting. The credit under this Section may not exceed $2,000 per taxpayer in any taxable year.

As used in this Section, "commercial composting facility" means any facility that processes solid waste by composting, including sludge composting, organic waste composting, or yard waste composting, but does not include a composting facility owned and operated by a person for the sole purpose of composting waste created by that person or such person and other persons on a cost-sharing or nonprofit basis and shall not include land upon which finished or matured compost is applied for use as a soil amendment or conditioner.

The credit may not reduce the taxpayer's liability to less than zero. If the amount of the credit exceeds the taxpayer's liability for the taxable year, the excess credit amounts may be refunded to the taxpayer.

The credit under this Section is exempt from the provisions of Section 250.

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