Bill Text: IL HB5172 | 2017-2018 | 100th General Assembly | Introduced
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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2019-01-08 - Session Sine Die [HB5172 Detail]
Download: Illinois-2017-HB5172-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by adding | ||||||||||||||||||||||||
5 | Section 227 as follows:
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6 | (35 ILCS 5/227 new) | ||||||||||||||||||||||||
7 | Sec. 227. Hydroponics credit. For taxable years ending on | ||||||||||||||||||||||||
8 | or after December 31, 2018, a taxpayer is entitled to a credit | ||||||||||||||||||||||||
9 | against the taxes imposed by subsections (a) and (b) of Section | ||||||||||||||||||||||||
10 | 201 in an amount equal to 50%, but not to exceed $2,500, of the | ||||||||||||||||||||||||
11 | costs incurred by the taxpayer during the taxable year in | ||||||||||||||||||||||||
12 | connection with the practice of hydroponics, including, but not | ||||||||||||||||||||||||
13 | limited to, the purchase of materials and construction | ||||||||||||||||||||||||
14 | supplies. | ||||||||||||||||||||||||
15 | In no event shall a credit under this Section reduce a | ||||||||||||||||||||||||
16 | taxpayer's liability to less than zero. If the amount of credit | ||||||||||||||||||||||||
17 | exceeds the tax liability for the year, the excess may be | ||||||||||||||||||||||||
18 | carried forward and applied to the tax liability for the 5 | ||||||||||||||||||||||||
19 | taxable years following the excess credit year. The tax credit | ||||||||||||||||||||||||
20 | shall be applied to the earliest year for which there is a tax | ||||||||||||||||||||||||
21 | liability. If there are credits for more than one year that are | ||||||||||||||||||||||||
22 | available to offset liability, the earlier credit shall be | ||||||||||||||||||||||||
23 | applied first. |
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1 | As used in this Section, "hydroponics" means the process of | ||||||
2 | growing produce, intended for consumption, in sand, gravel, or | ||||||
3 | liquid, with added nutrients, but without soil. | ||||||
4 | This Section is exempt from the provisions of Section 250.
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5 | Section 99. Effective date. This Act takes effect upon | ||||||
6 | becoming law.
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