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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 SB2998 Introduced 2/2/2024, by Sen. Jil Tracy SYNOPSIS AS INTRODUCED: | | | Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who make an investment in depreciable property used primarily to collect or process reclaimable material or to manufacture products from reclaimed material. Sets forth the amount of the credit. Effective immediately. |
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| | A BILL FOR |
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| | SB2998 | | LRB103 38049 HLH 68181 b |
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1 | | AN ACT concerning revenue. |
2 | | Be it enacted by the People of the State of Illinois, |
3 | | represented in the General Assembly: |
4 | | Section 5. The Illinois Income Tax Act is amended by |
5 | | adding Section 241 as follows: |
6 | | (35 ILCS 5/241 new) |
7 | | Sec. 241. Reclaimable material. |
8 | | (a) For taxable years beginning on or after January 1, |
9 | | 2025, a taxpayer who makes an investment in depreciable |
10 | | property used primarily to collect or process reclaimable |
11 | | material or to manufacture products from reclaimed material is |
12 | | entitled to a credit against the taxes imposed by subsections |
13 | | (a) and (b) of Section 201 as provided in this Section. The |
14 | | amount of the credit shall be as follows: |
15 | | (1) 25% of the cost of the property on the first |
16 | | $250,000 invested; |
17 | | (2) 15% of the cost of the property on the next |
18 | | $250,000 invested; and |
19 | | (3) 5% of the cost of the property on the next $500,000 |
20 | | invested. |
21 | | A credit may not be claimed for investments in depreciable |
22 | | property in excess of $1,000,000. |
23 | | (b) In no event shall a credit under this Section reduce |