Bill Text: IL HB3618 | 2017-2018 | 100th General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 100% of the expenses incurred by the taxpayer during the taxable year related to the development of technology used to facilitate electronic communications between motor vehicles, traffic signals, and pedestrians.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2019-01-08 - Session Sine Die [HB3618 Detail]
Download: Illinois-2017-HB3618-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 adding | ||||||||||||||||||||||||
5 | Section 224 as follows:
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6 | (35 ILCS 5/224 new) | ||||||||||||||||||||||||
7 | Sec. 224. Credit for motor vehicle communications. | ||||||||||||||||||||||||
8 | (a) For taxable years beginning on and after January 1, | ||||||||||||||||||||||||
9 | 2018, each taxpayer is entitled to a credit against the tax | ||||||||||||||||||||||||
10 | imposed by subsections (a) and (b) of Section 201 of this Act | ||||||||||||||||||||||||
11 | in an amount equal to 100% of the expenses incurred by the | ||||||||||||||||||||||||
12 | taxpayer during the taxable year related to the development of | ||||||||||||||||||||||||
13 | technology used to facilitate electronic communications | ||||||||||||||||||||||||
14 | between motor vehicles, traffic signals, and pedestrians. | ||||||||||||||||||||||||
15 | (b) In no event shall a credit under this Section reduce | ||||||||||||||||||||||||
16 | the taxpayer's liability to less than zero. If the amount of | ||||||||||||||||||||||||
17 | the credit exceeds the tax liability for the year, the excess | ||||||||||||||||||||||||
18 | may be carried forward and applied to the tax liability of the | ||||||||||||||||||||||||
19 | 5 taxable years following the excess credit year. The tax | ||||||||||||||||||||||||
20 | credit shall be applied to the earliest year for which there is | ||||||||||||||||||||||||
21 | a tax liability. If there are credits for more than one year | ||||||||||||||||||||||||
22 | that are available to offset a liability, the earlier credit | ||||||||||||||||||||||||
23 | shall be applied first. |
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1 | (c) This Section is exempt from the provisions of Section | ||||||
2 | 250.
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