Bill Text: IL HB3306 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Provides for a credit for taxpayers who, during the taxable year, install, on a building or property that is owned by the taxpayer and that is located in the State, a geothermal energy device and sets the amount of the credit at the lesser of (i) $5,000 or (ii) 50% of the actual cost of the acquisition and installation of the device. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.

Spectrum: Partisan Bill (Republican 3-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB3306 Detail]

Download: Illinois-2011-HB3306-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB3306 Introduced 2/24/2011, by Rep. Chris Nybo - Michael Unes - Richard Morthland SYNOPSIS AS INTRODUCED:
35 ILCS 5/221 new
Amends the Illinois Income Tax Act. Provides for a credit for taxpayers who, during the taxable year, install, on a building or property that is owned by the taxpayer and that is located in the State, a geothermal energy device and sets the amount of the credit at the lesser of (i) $5,000 or (ii) 50% of the actual cost of the acquisition and installation of the device. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.
LRB097 08855 HLH 48985 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB3306 LRB097 08855 HLH 48985 b
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 221 as follows:
(35 ILCS 5/221 new)
Sec. 221. Credit for geothermal energy devices.
(a) For taxable years ending on or after December 31, 2011
through taxable years ending on or before December 30, 2016,
each taxpayer who, during the taxable year, installs, on a
building or property that is owned by the taxpayer and that is
located in the State, a geothermal energy device is entitled to
a credit against the tax imposed under subsection (a) and (b)
of Section 201 in an amount equal to the lesser of (i) $5,000
or (ii) 50% of the actual cost of the acquisition and
installation of the device.
(b) For the purposes of this Section:
"Geothermal energy device" means a system or mechanism or
series of mechanisms designed to provide heating or cooling or
to produce electrical or mechanical power, or any combination
of these, by a method that extracts or converts the energy
naturally occurring beneath the earth's surface in rock
structures, water, or steam.

HB3306 - 2 - LRB097 08855 HLH 48985 b
(c) If a geothermal energy device is part of a system that
uses other means of energy, then only that portion of the total
system that is directly attributable to the cost of the
geothermal energy device may be included in determining the
amount of the credit. The costs of installation may not include
the costs of redesigning, remodeling, or otherwise altering the
structure of a building in which a geothermal energy device is
installed.
(d) If the taxpayer is a partnership or Subchapter S
corporation, the credit is allowed to the partners or
shareholders in accordance with the determination of income and
distributive share of income under Sections 702 and 704 and
Subchapter S of the Internal Revenue Code.
(e) The credit may not be carried forward or back. In no
event shall a credit under this Section reduce the taxpayer's
liability to less than zero.
Section 99. Effective date. This Act takes effect upon
becoming law.