Bill Text: IL HB1089 | 2011-2012 | 97th General Assembly | Amended
Bill Title: Creates the Efficient and Green Illinois Tax Credit Act. Authorizes the Department of Commerce and Economic Opportunity to award income tax credits based on 25% of the cost of qualifying expenditures for energy efficient projects, such as solar energy equipment, Energy Star certified heat pumps, lighting retrofit projects, and wind equipment. Authorizes the Department to adopt rules. Provides that the credit may be carried forward for up to 5 taxable years. Amends the Illinois Income Tax Act to make conforming changes. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.
Spectrum: Partisan Bill (Democrat 12-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HB1089 Detail]
Download: Illinois-2011-HB1089-Amended.html
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| 1 | AMENDMENT TO HOUSE BILL 1089
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| 2 | AMENDMENT NO. ______. Amend House Bill 1089 on page 6, line | ||||||
| 3 | 1, by replacing "Section 221" with "Sections 221 and 222"; and
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| 4 | on page 6, immediately below line 14, by inserting the | ||||||
| 5 | following:
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| 6 | "(35 ILCS 5/222 new) | ||||||
| 7 | Sec. 222. Credit for mechanical insulation. For each | ||||||
| 8 | taxable year beginning on or after January 1, 2011, each | ||||||
| 9 | taxpayer is entitled to a credit against the tax imposed by | ||||||
| 10 | subsections (a) and (b) of Section 201 of this Act in an amount | ||||||
| 11 | equal to the applicable percentage of the cost of mechanical | ||||||
| 12 | insulation property placed in service in the State during the | ||||||
| 13 | taxable year. | ||||||
| 14 | In no event shall a credit under this Section reduce the | ||||||
| 15 | taxpayer's liability to less than zero. If the amount of the | ||||||
| 16 | credit exceeds the tax liability for the year, the excess may | ||||||
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| 1 | be carried forward and applied to the tax liability of the 5 | ||||||
| 2 | taxable years following the excess credit year. The tax credit | ||||||
| 3 | shall be applied to the earliest year for which there is a tax | ||||||
| 4 | liability. If there are credits for more than one year that are | ||||||
| 5 | available to offset a liability, the earlier credit shall be | ||||||
| 6 | applied first. | ||||||
| 7 | For purposes of this Section: | ||||||
| 8 | "ASHRAE" means the American Society of Heating, | ||||||
| 9 | Refrigerating, and Air-Conditioning Engineers. | ||||||
| 10 | "Mechanical insulation property" includes insulation | ||||||
| 11 | materials, facings, and accessory products used for | ||||||
| 12 | thermal requirements for mechanical piping and equipment, | ||||||
| 13 | hot and cold applications, and heating, venting, and air | ||||||
| 14 | conditioning applications. | ||||||
| 15 | "Cost of mechanical insulation property" includes any | ||||||
| 16 | amount paid or incurred for the installation of mechanical | ||||||
| 17 | insulation property that exceeds ASHRAE standard | ||||||
| 18 | 90.1-2007. | ||||||
| 19 | "Applicable percentage" means the lesser of (i) 30% or | ||||||
| 20 | (ii) the reduction in energy loss (expressed as a | ||||||
| 21 | percentage) from the installed mechanical insulation | ||||||
| 22 | property compared with mechanical insulation property that | ||||||
| 23 | meets the minimum requirements of ASHRAE standard | ||||||
| 24 | 90.1-2007.".
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