Bill Text: IL HB3682 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Authorizes a credit to taxpayers for an amount equal to 20% of the amount of expenditures by the taxpayer for equipment placed in service during the taxable year for the purpose of preventing identity theft, but not to exceed $100 per article of equipment. Provides that the credit may not reduce the taxpayer's liability to less than zero and may not be carried back, but may be carried forward and applied to the tax liability of the 2 taxable years following the excess credit year. Exempt from the Act's sunset provisions. Effective immediately.

Sponsorship: Partisan Bill (Democrat 6)

Status: (Engrossed - Dead) 2009-05-08 - Rule 3-9(a) / Re-referred to Assignments [HB3682 Detail]

Download: Illinois-2009-HB3682-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB3682 Introduced 2/24/2009, by Rep. Emily McAsey SYNOPSIS AS INTRODUCED:
35 ILCS 5/218 new
Amends the Illinois Income Tax Act. Authorizes a credit to taxpayers for an amount equal to 20% of the amount of expenditures by the taxpayer for equipment placed in service during the taxable year for the purpose of preventing identity theft, but not to exceed $100 per article of equipment. Provides that the credit may not reduce the taxpayer's liability to less than zero and may not be carried back, but may be carried forward and applied to the tax liability of the 2 taxable years following the excess credit year. Exempt from the Act's sunset provisions. Effective immediately.
LRB096 10377 RCE 20547 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB3682 LRB096 10377 RCE 20547 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 218 as follows:
(35 ILCS 5/218 new)
Sec. 218. Credit for identity theft prevention equipment.
(a) For each taxable year ending on or after December 31,
2009, each taxpayer is entitled to a credit against the tax
imposed by subsections (a) and (b) of Section 201 of this Act
in an amount equal to 20% of the amount of expenditures by the
taxpayer for equipment placed in service during the taxable
year for the purpose of preventing identity theft, but not to
exceed $100 per article of equipment. For partners,
shareholders of Subchapter S corporations, and owners of
limited liability companies, if the liability company is
treated as a partnership for purposes of federal and State
income taxation, there shall be allowed a credit under this
Section to be determined 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.
(b) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero. If the amount of

HB3682 - 2 - LRB096 10377 RCE 20547 b
the credit exceeds the tax liability for the year, the excess
may not be carried back, but may be carried forward and applied
to the tax liability of the 2 taxable years following the
excess credit year. The credit shall be applied to the earliest
year for which there is a tax liability. If there are credits
for more than one year that are available to offset a
liability, the earlier credit shall be applied first.
(c) This Section is exempt from the provisions of Section
250.
Section 99. Effective date. This Act takes effect upon
becoming law.