Bill Text: IL HB2456 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Authorizes a credit to taxpayers in an amount equal to 20% of the purchase price, but not to exceed $20,000, for each qualified green dry cleaning machine placed in service by the taxpayer during the taxable year. To qualify, the dry cleaning machine must be certified by the council that manages the Illinois Drycleaner Environmental Response Trust Fund as a machine that uses environmentally friendly solvents. Provides that the credit may not reduce the taxpayer's liability to less than zero and may not be carried back, but may be carried forward and applied to the tax liability of the 3 taxable years following the excess credit year. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB2456 Detail]

Download: Illinois-2009-HB2456-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB2456 Introduced 2/19/2009, by Rep. Michael J. Zalewski SYNOPSIS AS INTRODUCED:
35 ILCS 5/218 new
Amends the Illinois Income Tax Act. Authorizes a credit to taxpayers in an amount equal to 20% of the purchase price, but not to exceed $20,000, for each qualified green dry cleaning machine placed in service by the taxpayer during the taxable year. To qualify, the dry cleaning machine must be certified by the council that manages the Illinois Drycleaner Environmental Response Trust Fund as a machine that uses environmentally friendly solvents. Provides that the credit may not reduce the taxpayer's liability to less than zero and may not be carried back, but may be carried forward and applied to the tax liability of the 3 taxable years following the excess credit year. Effective immediately.
LRB096 09533 RCE 19692 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB2456 LRB096 09533 RCE 19692 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 218 as follows:
(35 ILCS 5/218 new)
Sec. 218. Credit for green dry cleaning machines.
(a) For each taxable year ending on or after December 31,
2009 and on or before December 30, 2015, each taxpayer is
entitled to a credit against the tax imposed by subsections (a)
and (b) of Section 201 of this Act in an amount equal to 20% of
the purchase price, but not to exceed $20,000, for each
qualified green dry cleaning machine placed in service by the
taxpayer during the taxable year. To qualify, the dry cleaning
machine must be certified by the council that manages the
Illinois Drycleaner Environmental Response Trust Fund as a
machine that uses environmentally friendly solvents. For
partners, shareholders of Subchapter S corporations, and
owners of limited liability companies, if the liability company
is treated as a partnership for purposes of federal and State
income taxation, there shall be allowed a credit under this
Section to be determined in accordance with the determination
of income and distributive share of income under Sections 702

HB2456 - 2 - LRB096 09533 RCE 19692 b
and 704 and Subchapter S of the Internal Revenue Code.
(b) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero. If the amount of
the credit exceeds the tax liability for the year, the excess
may not be carried carried back, but may be carried forward and
applied to the tax liability of the 3 taxable years following
the excess credit year. The 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 a
liability, the earlier credit shall be applied first.
Section 99. Effective date. This Act takes effect upon
becoming law.