Bill Text: IL HB4629 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who (i) are engaged in business as a healthy food retailer and (ii) during the taxable year, first locate a healthy food retail establishment in an area designated by the Department of Agriculture as a food desert. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Introduced - Dead) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [HB4629 Detail]

Download: Illinois-2019-HB4629-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB4629 Introduced , by Rep. Sonya M. Harper SYNOPSIS AS INTRODUCED:
35 ILCS 5/232 new
Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who (i) are engaged in business as a healthy food retailer and (ii) during the taxable year, first locate a healthy food retail establishment in an area designated by the Department of Agriculture as a food desert. Effective immediately.
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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 232 as follows:
(35 ILCS 5/232 new)
Sec. 232. Credit for healthy food retailers.
(a) For taxable years ending on or after December 31, 2020,
each taxpayer who (i) is engaged in business as a healthy food
retailer and (ii) during the taxable year, first locates a
healthy food retail establishment in an area designated by the
Department of Agriculture as a food desert is entitled to a
credit against the taxes imposed by subsections (a) and (b) of
Section 201. The credit shall be in an amount equal to: (i) 15%
of the taxpayer's liability under this Act, calculated without
regard to the credit under this Section, for newly constructed
stores; or (ii) 10% of the taxpayer's liability under this Act,
calculated without regard to the credit under this Section, for
remodeled or rehabilitated stores.
(b) 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

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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.
(c) As used in this Section:
"Healthy food retailer" means a person that owns and
operates a healthy food retail establishment.
"Healthy food retail establishment" means a grocery
store or other business that sells food at retail for human
consumption that is to be consumed off the premises where
it is sold where at least 35% of the establishment's food
inventory, by cost value, consists of fresh produce,
poultry, dairy, and deli items.
Section 99. Effective date. This Act takes effect upon
becoming law.