Bill Text: IL SB2242 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the amount paid by the taxpayer during the taxable year for the purpose of purchasing acoustical materials, other materials, labor, and professional services to soundproof a residential home located at an eligible address against aircraft noise generated by an airport governed by the provisions of the Permanent Noise Monitoring Act. Provides that the credit may not reduce the taxpayer's liability to less than zero; however, the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2022-02-10 - Rule 3-9(a) / Re-referred to Assignments [SB2242 Detail]

Download: Illinois-2021-SB2242-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 SB2242 Introduced 2/26/2021, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED:
35 ILCS 5/232 new
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the amount paid by the taxpayer during the taxable year for the purpose of purchasing acoustical materials, other materials, labor, and professional services to soundproof a residential home located at an eligible address against aircraft noise generated by an airport governed by the provisions of the Permanent Noise Monitoring Act. Provides that the credit may not reduce the taxpayer's liability to less than zero; however, the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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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. Credit for soundproofing of residential homes.
(a) For taxable years ending on or after December 31,
2021, each taxpayer is entitled to a credit against the tax
imposed under subsections (a) and (b) of Section 201 in an
amount equal to the amount paid by the taxpayer during the
taxable year for the purpose of purchasing acoustical
materials, other materials, labor, and professional services
to soundproof a residential home located at an eligible
address against aircraft noise generated by an airport
governed by the provisions of the Permanent Noise Monitoring
Act. In order to be eligible for the credit under this Section,
the soundproofing work must be carried out in accordance with
the requirements of the Illinois Residential Building Code
Act.
(b) 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

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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.
(c) For the purposes of this Section, an "eligible
address" means any address located (i) within the 65 DNL
Build-out Contour for O'Hare International Airport, as defined
by rules adopted by the Federal Aviation Administration, (ii)
within an alternative 65 CNEL Build-out Contour for O'Hare
International Airport, with CNEL units as defined in
subsection (a-3) of Section 5 of the Permanent Noise
Monitoring Act, or (iii) not more than 20 miles east or west
and not more than 3 miles north or south of an airport runway
aligned in an east-west direction and located at O'Hare
International Airport.
(d) This Section is exempt from the provisions of Section
250.
Section 99. Effective date. This Act takes effect upon
becoming law.