92nd General Assembly
Summary of HB0353
   [ Home ]   [ Back ]   [ Legislation ]
Please enter a bill number.

 Full Text  Bill Status
House Sponsors:

Short description: 
ENVIRONMENTAL-TAX CREDIT-GRANT                                             

Synopsis of Bill as introduced:
        Amends the environmental remediation tax credit provisions in the      
   Illinois Income Tax Act.  Extends the credit  to  2010  (now,  expires      
   December 31, 2001).  Provides that the credit may be claimed for costs      
   incurred during the 10-year period after approval rather than for just      
   the  year of approval.  Changes how the limit on the credit allowed is      
   calculated.  Provides that the credit may be carried  forward  for  15      
   (now  5)  years.   Makes  changes  with respect to selling the credit.      
   Makes other changes.  Amends the environmental remediation tax  credit      
   review  provisions  in  the Environmental Protection Act.  Removes the      
   requirement that no application for review be submitted  until  a  "No      
   Further   Remediation   Letter"   is   issued.    Provides   that  the      
   Environmental  Protection  Agency  may  file  a  lien  on  remediation      
   property receiving a tax credit if the recipient  fails  to  meet  the      
   conditions  of the issuance of the credit.  Provides that the Director      
   of DCCA may grant  tax  credits  and  exemptions  under  the  Economic      
   Development  for  a  Growing  Economy  Tax Credit Act and the Illinois      
   Enterprise Zone Act.  Amends those Acts accordingly.   Authorizes  the      
   Director  of  DCCA  to  issue  a Distressed Communities and Industries      
   Grant to any entity for the purpose  of  paying  the  allowable  costs      
   needed  to  cause  an eligible remediation project to occur.  Provides      
   that the credit provisions are applicable to taxable years  ending  on      
   or  after  December  31, 2001.  Makes other changes.  Amends the State      
   Finance Act to create the Distressed Communities and Industries  Grant      
   Fund.   Requires the affected Departments to propose rules.  Effective      
          FISCAL NOTE (Environmental Protection Agency)                        
          The fiscal impact is estimated at $10,286,300 in addition to         
          the indeterminate loss of tax revenues.                              
           DCCA grants                                        $10,000,000      
           DCCA administrative costs                          $   226,300      
           EPA costs                                          $    60,000      
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


 Full Text  Bill Status