Bill Title: Amends the Illinois Income Tax Act. Creates a deduction in an amount equal to the product of the total capital expenditures incurred by the taxpayer for labor and materials to install mechanical insulation property during the taxable year multiplied by the applicable percentage. Provides that the applicable percentage is the lesser of: (i) 30%; or (ii) the difference between: (a) the energy savings, expressed as a percentage, obtained by placing the mechanical insulation property in service in connection with a mechanical system and (b) the energy savings, expressed as a percentage, that the property is required to meet by standard 90.1-2007, developed and published by the American Society of Heating, Refrigerating and Air-Conditioning Engineers. Effective immediately.
Spectrum: Partisan Bill (Democrat 3-0)
Status: (Failed) 2019-01-09 - Session Sine Die
[SB0066 Detail]
Bill Drafts
| Revision | Date | Format | Source | View |
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| Introduced | 2017-01-11 | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
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| No bill amendments currently on file for Illinois SB0066 |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for Illinois SB0066 currently on file. |
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