Bill Text: IL HB3555 | 2015-2016 | 99th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Provides that each taxpayer that is primarily engaged in manufacturing is entitled to a credit in an amount equal to 5% of the cost of renewable energy resources used by the taxpayer during the taxable year. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2015-03-27 - Rule 19(a) / Re-referred to Rules Committee [HB3555 Detail]

Download: Illinois-2015-HB3555-Introduced.html

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99TH GENERAL ASSEMBLY State of Illinois 2015 and 2016 HB3555 Introduced , by Rep. Terri Bryant SYNOPSIS AS INTRODUCED:
35 ILCS 5/224 new
Amends the Illinois Income Tax Act. Provides that each taxpayer that is primarily engaged in manufacturing is entitled to a credit in an amount equal to 5% of the cost of renewable energy resources used by the taxpayer during the taxable year. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provision. 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 224 as follows:
(35 ILCS 5/224 new)
Sec. 224. Renewable energy resources.
(a) For taxable years beginning on or after January 1,
2016, each taxpayer that is primarily engaged in manufacturing
is entitled to a credit against the tax imposed by subsections
(a) and (b) of Section 201 in an amount equal to 5% of the cost
of renewable energy resources used by the taxpayer during the
taxable year. For the purposes of this Section, "renewable
energy resources" has the meaning ascribed to that term in
Section 6-3 of the Renewable Energy, Energy Efficiency, and
Coal Resources Development Law of 1997.
(b) The tax credit may not reduce the taxpayer's liability
to less than zero. If the amount of the tax credit exceeds the
tax liability for the year, the excess may be carried forward
and applied to the tax liability of the 5 taxable years
following the excess credit year. The credit must be applied to
the earliest year for which there is a tax liability. If there
are credits from more than one tax year that are available to

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offset a liability, then the earlier credit must be applied
first.
(c) This Section is exempt from the provisions of Section
250.
Section 99. Effective date. This Act takes effect upon
becoming law.