96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4784

 

Introduced 1/12/2010, by Rep. Sandy Cole

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/219 new

    Amends the Illinois Income Tax Act. Provides a credit for taxpayers who, during the taxable year, install, on a building or property that is owned by the taxpayer and that is located in the State, a geothermal, solar, wind, or fuel cell energy device and sets the amount of the credit at the lesser of (i) $1,500 or (ii) 20% of the actual cost of the acquisition and installation of the device. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.


LRB096 15296 HLH 30402 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4784 LRB096 15296 HLH 30402 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 219 as follows:
 
6     (35 ILCS 5/219 new)
7     Sec. 219. Credit for alternate energy devices.
8     (a) For taxable years ending on or after December 31, 2010
9 through taxable years ending on or before December 30, 2015,
10 each taxpayer who, during the taxable year, installs, on a
11 building or property that is owned by the taxpayer and that is
12 located in the State, a geothermal, solar, wind, or fuel cell
13 energy device is entitled to a credit against the tax imposed
14 under subsection (a) and (b) of Section 201 in an amount equal
15 to the lesser of (i) $1,500 or (ii) 20% of the actual cost of
16 the acquisition and installation of the device.
17     (b) For the purposes of this Section:
18     "Geothermal energy device" means a system or mechanism or
19 series of mechanisms designed to provide heating or cooling or
20 to produce electrical or mechanical power, or any combination
21 of these, by a method that extracts or converts the energy
22 naturally occurring beneath the earth's surface in rock
23 structures, water, or steam.

 

 

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1     "Solar or wind energy device" means a system or mechanism
2 or series of mechanisms designed to provide heating or cooling
3 or to produce electrical or mechanical power, or any
4 combination of these, or to store any of these by a method that
5 converts the natural energy of the sun or the wind.
6     "Fuel cell energy device" means a system or mechanism or
7 series of mechanisms designed to provide heating or cooling or
8 to produce electrical or mechanical power, or any combination
9 of these, that continuously changes the chemical energy of a
10 fuel and an oxidant directly into electrical energy.
11     (c) If a geothermal, solar, wind, or fuel cell energy
12 device is part of a system that uses other means of energy,
13 then only that portion of the total system that is directly
14 attributable to the cost of the geothermal, solar, wind, or
15 fuel cell energy device may be included in determining the
16 amount of the credit. The costs of installation may not include
17 the costs of redesigning, remodeling, or otherwise altering the
18 structure of a building in which a geothermal, solar, wind, or
19 fuel cell energy device is installed.
20     (d) If the taxpayer is a partnership or Subchapter S
21 corporation, the credit is allowed to the partners or
22 shareholders in accordance with the determination of income and
23 distributive share of income under Sections 702 and 704 and
24 Subchapter S of the Internal Revenue Code.
25     (e) The credit may not be carried forward or back. In no
26 event shall a credit under this Section reduce the taxpayer's

 

 

HB4784 - 3 - LRB096 15296 HLH 30402 b

1 liability to less than zero.
 
2     Section 99. Effective date. This Act takes effect upon
3 becoming law.