Bill Text: IL HB5172 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 50%, but not to exceed $2,500, of the costs incurred by the taxpayer during the taxable year in connection with the practice of hydroponics. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2019-01-08 - Session Sine Die [HB5172 Detail]

Download: Illinois-2017-HB5172-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB5172 Introduced , by Rep. Stephanie A. Kifowit SYNOPSIS AS INTRODUCED:
35 ILCS 5/227 new
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 50%, but not to exceed $2,500, of the costs incurred by the taxpayer during the taxable year in connection with the practice of hydroponics. Effective immediately.
LRB100 20022 HLH 35304 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB5172 LRB100 20022 HLH 35304 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 227 as follows:
(35 ILCS 5/227 new)
Sec. 227. Hydroponics credit. For taxable years ending on
or after December 31, 2018, a taxpayer is entitled to a credit
against the taxes imposed by subsections (a) and (b) of Section
201 in an amount equal to 50%, but not to exceed $2,500, of the
costs incurred by the taxpayer during the taxable year in
connection with the practice of hydroponics, including, but not
limited to, the purchase of materials and construction
supplies.
In no event shall a credit under this Section reduce a
taxpayer's liability to less than zero. If the amount of credit
exceeds the tax liability for the year, the excess may be
carried forward and applied to the tax liability for the 5
taxable years following the excess credit year. The tax 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 liability, the earlier credit shall be
applied first.

HB5172 - 2 - LRB100 20022 HLH 35304 b
As used in this Section, "hydroponics" means the process of
growing produce, intended for consumption, in sand, gravel, or
liquid, with added nutrients, but without soil.
This Section is exempt from the provisions of Section 250.
Section 99. Effective date. This Act takes effect upon
becoming law.