Bill Text: IL HB1028 | 2013-2014 | 98th General Assembly | Introduced


Bill Title: Amends the Illinois Income Tax Act. Creates a credit in an amount equal to any unreimbursed eligible remediation costs paid by the taxpayer for the remediation of a brownfield site located in the City of Chicago. Provides that a taxpayer is not eligible for the credit if the taxpayer or any related party caused or contributed to, in any material respect, a release of regulated substances on, in, or under the site that was identified and addressed by the remedial action pursuant to the Site Remediation Program of the Environmental Protection Act. Provides that the credit is exempt from the Act's automatic sunset provision.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB1028 Detail]

Download: Illinois-2013-HB1028-Introduced.html


98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB1028

Introduced , by Rep. La Shawn K. Ford

SYNOPSIS AS INTRODUCED:
35 ILCS 5/224 new

Amends the Illinois Income Tax Act. Creates a credit in an amount equal to any unreimbursed eligible remediation costs paid by the taxpayer for the remediation of a brownfield site located in the City of Chicago. Provides that a taxpayer is not eligible for the credit if the taxpayer or any related party caused or contributed to, in any material respect, a release of regulated substances on, in, or under the site that was identified and addressed by the remedial action pursuant to the Site Remediation Program of the Environmental Protection Act. Provides that the credit is exempt from the Act's automatic sunset provision.
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FISCAL NOTE ACT MAY APPLY

A BILL FOR

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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. Brownfield remediation credit.
8 (a) For tax years ending on or after December 31, 2013,
9each taxpayer shall be allowed a credit against the tax imposed
10by subsections (a) and (b) of Section 201 of this Act in an
11amount equal to any unreimbursed eligible remediation costs
12paid by the taxpayer for the remediation of a brownfield site
13located in the City of Chicago. The credit must be claimed for
14the taxable year in which Agency approval of the eligible
15remediation costs is granted.
16 (b) A credit under this Section is not available to any
17taxpayer if the taxpayer or any related party caused or
18contributed to, in any material respect, a release of regulated
19substances on, in, or under the site that was identified and
20addressed by the remedial action pursuant to the Site
21Remediation Program of the Environmental Protection Act. A
22taxpayer is not entitled to a credit under this Section if the
23taxpayer received a credit under subsection (n) of Section 201

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1for the same remediation costs.
2 (c) A credit allowed under this Section that is unused in
3the year the credit is earned may be carried forward to each of
4the 5 taxable years following the year for which the credit is
5first earned until it is used. This credit shall be applied
6first to the earliest year for which there is a liability. If
7there is a credit under this Section from more than one tax
8year that is available to offset a liability, the earliest
9credit arising under this subsection shall be applied first.
10 (d) For purposes of this Section:
11 "Agency" means the Illinois Environmental Protection
12Agency.
13 "Brownfield site" has the meaning ascribed to that term in
14Section 58.2 of the Environmental Protection Act.
15 "Related party" has the meaning ascribed to that term in
16subsection (n) of Section 201 of this Act.
17 "Unreimbursed eligible remediation costs" means costs
18approved by the Agency under Section 58.14a of the
19Environmental Protection Act that were paid in performing
20environmental remediation at a brownfield site in the City of
21Chicago for which a No Further Remediation Letter was issued by
22the Agency and recorded under Section 58.10 of the
23Environmental Protection Act.
24 (e) This Section is exempt from the provisions of Section
25250 of this Act.
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