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

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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

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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.
LRB098 02684 HLH 32690 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
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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. Brownfield remediation credit.
(a) For tax years ending on or after December 31, 2013,
each taxpayer shall be allowed a credit against the tax imposed
by subsections (a) and (b) of Section 201 of this Act 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. The credit must be claimed for
the taxable year in which Agency approval of the eligible
remediation costs is granted.
(b) A credit under this Section is not available to any
taxpayer 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. A
taxpayer is not entitled to a credit under this Section if the
taxpayer received a credit under subsection (n) of Section 201

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