Bill Text: IL HB4927 | 2019-2020 | 101st General Assembly | Introduced

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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.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [HB4927 Detail]

Download: Illinois-2019-HB4927-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 HB4927 Introduced , by Rep. David A. Welter SYNOPSIS AS INTRODUCED:
35 ILCS 5/232 new
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.
LRB101 17967 HLH 67403 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB4927 LRB101 17967 HLH 67403 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 232 as follows:
(35 ILCS 5/232 new)
Sec. 232. Pollinator-friendly solar site credit.
(a) For taxable years ending on or after December 31, 2020,
the owner of a pollinator-friendly solar site designated under
the Pollinator-Friendly Solar Site Act is entitled to a credit
against the tax imposed by subsections (a) and (b) of Section
201 in the amount of $250 per taxable year.
(b) The credit or credits may not reduce the taxpayer's
liability to less than zero. If the amount of the credit or
credits exceeds the taxpayer's liability, the excess may be
carried forward and applied against the taxpayer's liability
for the next 5 succeeding calendar years. The credit or credits
shall be applied to the earliest year for which there is a tax
liability. If there are credits from more than one taxable 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.