HB2287 96TH GENERAL ASSEMBLY

LRB096 09850 RCE 20013 b

96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB2287

Introduced 2/18/2009, by Rep. Dan Reitz

SYNOPSIS AS INTRODUCED:

35 ILCS 5/218 new

Amends the Illinois Income Tax Act. Authorizes a credit to taxpayers in an amount equal to the expenditures by the taxpayer for radon testing and mitigation during the taxable year. Provides that the credit may not exceed $250 per building per year. Effective immediately.

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 218 as follows:

(35 ILCS 5/218 new)

Sec. 218. Credit for radon testing and mitigation.

(a) For each taxable year ending on or after December 31, 2009, 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 the expenditures by the taxpayer for radon testing and mitigation during the taxable year. The credit may not exceed $250 per building per year. For partners, shareholders of Subchapter S corporations, and owners of limited liability companies, if the liability company is treated as a partnership for purposes of federal and State income taxation, there shall be allowed a credit under this Section to be determined in accordance with the determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code.

(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 not be carried back or carried forward.

Section 99. Effective date. This Act takes effect upon becoming law.