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.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3315LRB098 09422 HLH 39563 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 224 as follows:
 
6    (35 ILCS 5/224 new)
7    Sec. 224. Composting credit. For taxable years beginning on
8or after January 1, 2014, each taxpayer is entitled to a credit
9against the tax imposed under subsections (a) and (b) of
10Section 201 in an amount equal to 50% of the costs incurred by
11the taxpayer during the taxable year under a contract with a
12commercial composting facility for the purpose of collecting
13the taxpayer's compostable garbage, landscape waste, and
14unused food, separate from the traditional garbage, for
15transportation to the facility for composting. The credit under
16this Section may not exceed $2,000 per taxpayer in any taxable
17year.
18    As used in this Section, "commercial composting facility"
19means any facility that processes solid waste by composting,
20including sludge composting, organic waste composting, or yard
21waste composting, but does not include a composting facility
22owned and operated by a person for the sole purpose of
23composting waste created by that person or such person and

 

 

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1other persons on a cost-sharing or nonprofit basis and shall
2not include land upon which finished or matured compost is
3applied for use as a soil amendment or conditioner.
4    The credit may not reduce the taxpayer's liability to less
5than zero. If the amount of the credit exceeds the taxpayer's
6liability for the taxable year, the excess credit amounts may
7be refunded to the taxpayer.
8    The credit under this Section is exempt from the provisions
9of Section 250.
 
10    Section 99. Effective date. This Act takes effect upon
11becoming law.