Bill Text: IL HB3320 | 2021-2022 | 102nd General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Provides that the owner of a pollinator-friendly solar site is entitled to an income tax credit in the amount of $250 per taxable year.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2021-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB3320 Detail]
Download: Illinois-2021-HB3320-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by | ||||||||||||||||||||||||
5 | adding Section 232 as follows:
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6 | (35 ILCS 5/232 new) | ||||||||||||||||||||||||
7 | Sec. 232. Pollinator-friendly solar site credit. | ||||||||||||||||||||||||
8 | (a) For taxable years ending on or after December 31, | ||||||||||||||||||||||||
9 | 2021, the owner of a pollinator-friendly solar site designated | ||||||||||||||||||||||||
10 | under the Pollinator-Friendly Solar Site Act is entitled to a | ||||||||||||||||||||||||
11 | credit against the tax imposed by subsections (a) and (b) of | ||||||||||||||||||||||||
12 | Section 201 in the amount of $250 per taxable year. | ||||||||||||||||||||||||
13 | (b) The credit or credits may not reduce the taxpayer's | ||||||||||||||||||||||||
14 | liability to less than zero. If the amount of the credit or | ||||||||||||||||||||||||
15 | credits exceeds the taxpayer's liability, the excess may be | ||||||||||||||||||||||||
16 | carried forward and applied against the taxpayer's liability | ||||||||||||||||||||||||
17 | for the next 5 succeeding calendar years. The credit or | ||||||||||||||||||||||||
18 | credits shall be applied to the earliest year for which there | ||||||||||||||||||||||||
19 | is a tax liability. If there are credits from more than one | ||||||||||||||||||||||||
20 | taxable year that are available to offset a liability, the | ||||||||||||||||||||||||
21 | earlier credit shall be applied first. | ||||||||||||||||||||||||
22 | (c) This Section is exempt from the provisions of Section | ||||||||||||||||||||||||
23 | 250.
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