HB3555 99TH GENERAL ASSEMBLY

LRB099 08137 HLH 28287 b

99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3555

Introduced , by Rep. Terri Bryant

SYNOPSIS AS INTRODUCED:

35 ILCS 5/224 new

Amends the Illinois Income Tax Act. Provides that each taxpayer that is primarily engaged in manufacturing is entitled to a credit in an amount equal to 5% of the cost of renewable energy resources used by the taxpayer during the taxable year. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provision. 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 224 as follows:

(35 ILCS 5/224 new)

Sec. 224. Renewable energy resources.

(a) For taxable years beginning on or after January 1, 2016, each taxpayer that is primarily engaged in manufacturing is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 in an amount equal to 5% of the cost of renewable energy resources used by the taxpayer during the taxable year. For the purposes of this Section, "renewable energy resources" has the meaning ascribed to that term in Section 6-3 of the Renewable Energy, Energy Efficiency, and Coal Resources Development Law of 1997.

(b) The tax credit may not reduce the taxpayer's liability to less than zero. If the amount of the tax credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The credit must be applied to the earliest year for which there is a tax liability. If there are credits from more than one tax year that are available to offset a liability, then the earlier credit must be applied first.

(c) This Section is exempt from the provisions of Section 250.

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