96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB2456

 

Introduced 2/19/2009, by Rep. Michael J. Zalewski

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/218 new

    Amends the Illinois Income Tax Act. Authorizes a credit to taxpayers in an amount equal to 20% of the purchase price, but not to exceed $20,000, for each qualified green dry cleaning machine placed in service by the taxpayer during the taxable year. To qualify, the dry cleaning machine must be certified by the council that manages the Illinois Drycleaner Environmental Response Trust Fund as a machine that uses environmentally friendly solvents. Provides that the credit may not reduce the taxpayer's liability to less than zero and may not be carried back, but may be carried forward and applied to the tax liability of the 3 taxable years following the excess credit year. Effective immediately.


LRB096 09533 RCE 19692 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2456 LRB096 09533 RCE 19692 b

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 adding
5 Section 218 as follows:
 
6     (35 ILCS 5/218 new)
7     Sec. 218. Credit for green dry cleaning machines.
8     (a) For each taxable year ending on or after December 31,
9 2009 and on or before December 30, 2015, each taxpayer is
10 entitled to a credit against the tax imposed by subsections (a)
11 and (b) of Section 201 of this Act in an amount equal to 20% of
12 the purchase price, but not to exceed $20,000, for each
13 qualified green dry cleaning machine placed in service by the
14 taxpayer during the taxable year. To qualify, the dry cleaning
15 machine must be certified by the council that manages the
16 Illinois Drycleaner Environmental Response Trust Fund as a
17 machine that uses environmentally friendly solvents. For
18 partners, shareholders of Subchapter S corporations, and
19 owners of limited liability companies, if the liability company
20 is treated as a partnership for purposes of federal and State
21 income taxation, there shall be allowed a credit under this
22 Section to be determined in accordance with the determination
23 of income and distributive share of income under Sections 702

 

 

HB2456 - 2 - LRB096 09533 RCE 19692 b

1 and 704 and Subchapter S of the Internal Revenue Code.
2     (b) In no event shall a credit under this Section reduce
3 the taxpayer's liability to less than zero. If the amount of
4 the credit exceeds the tax liability for the year, the excess
5 may not be carried carried back, but may be carried forward and
6 applied to the tax liability of the 3 taxable years following
7 the excess credit year. The credit shall be applied to the
8 earliest year for which there is a tax liability. If there are
9 credits for more than one year that are available to offset a
10 liability, the earlier credit shall be applied first.
 
11     Section 99. Effective date. This Act takes effect upon
12 becoming law.