Bill Text: IL HB5028 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates a green services and products credit. Provides that a taxpayer is entitled to a credit equal to 6 1/2% of the increased income over the prior tax year received by the taxpayer from the provision of green services and the production of green products in this State. Provides that the credit may be carried forward for a period of 5 years.

Sponsorship: Partisan Bill (Democrat 21)

Status: (Introduced - Dead) 2010-03-30 - Added Co-Sponsor Rep. Jehan A. Gordon [HB5028 Detail]

Download: Illinois-2009-HB5028-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB5028 Introduced 1/25/2010, by Rep. Carol A. Sente - Keith Farnham SYNOPSIS AS INTRODUCED:
35 ILCS 5/219 new
Amends the Illinois Income Tax Act. Creates a green services and products credit. Provides that a taxpayer is entitled to a credit equal to 6 1/2% of the increased income over the prior tax year received by the taxpayer from the provision of green services and the production of green products in this State. Provides that the credit may be carried forward for a period of 5 years.
LRB096 19044 HLH 34435 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB5028 LRB096 19044 HLH 34435 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 219 as follows:
(35 ILCS 5/219 new)
Sec. 219. Green services and products credit. For tax
years ending on and after December 31, 2010, each taxpayer
shall be allowed a credit against the tax imposed by
subsections (a) and (b) of Section 201 of this Act for
increasing the provision of green services and the production
of green products in this State. The credit allowed shall be
equal to 6 1/2% of the increased income over the prior tax year
received by the taxpayer from the provision of green services
and the production of green products in this State. 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
subsection 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.

HB5028 - 2 - LRB096 19044 HLH 34435 b
The tax credit awarded under this Section may not reduce
the taxpayer's liability to less than zero. If the amount of
the tax credit exceeds the tax liability for the year, the
excess may be carried forward and applied to the tax liability
of the 5 taxable years following the excess credit year. The
credit must be applied to the earliest year for which there is
a tax liability. If there are credits from more than one tax
year that are available to offset a liability, then the
earliest credit must be applied first, except that no credit
may be carried forward under this Section more than 5 years
after the year in which the expense for which the credit is
given was incurred.