HB3618 100TH GENERAL ASSEMBLY

LRB100 11242 HLH 21573 b

100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB3618

Introduced , by Rep. Marcus C. Evans, Jr.

SYNOPSIS AS INTRODUCED:

35 ILCS 5/224 new

Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 100% of the expenses incurred by the taxpayer during the taxable year related to the development of technology used to facilitate electronic communications between motor vehicles, traffic signals, and pedestrians.

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. Credit for motor vehicle communications.

(a) For taxable years beginning on and after January 1, 2018, each taxpayer is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 of this Act in an amount equal to 100% of the expenses incurred by the taxpayer during the taxable year related to the development of technology used to facilitate electronic communications between motor vehicles, traffic signals, and pedestrians.

(b) In no event shall a credit under this Section reduce the taxpayer's liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of 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 a liability, the earlier credit shall be applied first.

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