Senate Sponsors: WATSON-CLAYBORNE AND TROTTER. House Sponsors: MOORE,ANDREA-HOWARD-HOLBROOK Short description: INC TX-BROWNFIELDS Synopsis of Bill as introduced: Amends the Illinois Income Tax Act. Deletes provision stating that "unreimbursed eligible remediation costs" does not include approved eligible remediation costs that are deducted under the provisions of the Internal Revenue Code or costs that are taken into account in calculating an environmental remediation credit granted against a tax imposed under the Internal Revenue Code. Effective immediately. SENATE AMENDMENT NO. 1. Adds reference to: 35 ILCS 5/203 Further amends the Illinois Income Tax Act. Provides that for individuals, corporations, and trusts and estates, the base income shall include, for taxable years ending after December 31, 1997, an amount equal to any eligible remediation costs that the taxpayer deducted in computing adjusted gross income and for which the taxpayer claimed an environmental remediation credit. FISCAL NOTE (Dept. of Revenue) Fiscal impact cannot be estimated until the number of taxpay- ers taking the federal credit is known. The State's total exposure for the brownfield tax credit enacted last year will remain at $150,000 per qualified site in Illinois. STATE MANDATES ACT FISCAL NOTE Fails to create a State mandate. HOME RULE NOTE Contains no language preempting home rule authority. Last action on Bill: PUBLIC ACT.............................. 90-0717 Last action date: 98-08-07 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status