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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB4784
Introduced 1/12/2010, by Rep. Sandy Cole SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Provides 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, solar, wind, or fuel cell energy device and sets the amount of the credit at the lesser of (i) $1,500 or (ii) 20% 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.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB4784 |
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LRB096 15296 HLH 30402 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by adding |
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| Section 219 as follows:
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| (35 ILCS 5/219 new) |
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| Sec. 219. Credit for alternate energy devices. |
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| (a) For taxable years ending on or after December 31, 2010 |
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| through taxable years ending on or before December 30, 2015, |
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| each taxpayer who, during the taxable year, installs, on a |
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| building or property that is owned by the taxpayer and that is |
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| located in the State, a geothermal, solar, wind, or fuel cell |
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| energy device is entitled to a credit against the tax imposed |
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| under subsection (a) and (b) of Section 201 in an amount equal |
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| to the lesser of (i) $1,500 or (ii) 20% of the actual cost of |
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| the acquisition and installation of the device. |
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| (b) For the purposes of this Section: |
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| "Geothermal energy device" means a system or mechanism or |
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| series of mechanisms designed to provide heating or cooling or |
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| to produce electrical or mechanical power, or any combination |
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| of these, by a method that extracts or converts the energy |
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| naturally occurring beneath the earth's surface in rock |
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| structures, water, or steam. |