Bill Text: IL HB3900 | 2015-2016 | 99th General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit for the purchase of qualified farm equipment in an amount equal to 10% of the purchase price of the farm equipment. Effective immediately.
Spectrum: Slight Partisan Bill (Democrat 2-1)
Status: (Introduced - Dead) 2016-01-05 - Chief Co-Sponsor Changed to Rep. Andrew F Skoog [HB3900 Detail]
Download: Illinois-2015-HB3900-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by adding | ||||||||||||||||||||||||
5 | Section 224 as follows:
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6 | (35 ILCS 5/224 new) | ||||||||||||||||||||||||
7 | Sec. 224. Credit for the purchase of farm equipment. | ||||||||||||||||||||||||
8 | (a) Notwithstanding any other provision of law, for taxable | ||||||||||||||||||||||||
9 | years beginning on or after January 1, 2016 and ending on or | ||||||||||||||||||||||||
10 | before December 31, 2021, each taxpayer who makes a purchase of | ||||||||||||||||||||||||
11 | qualified farm equipment during the taxable year for that | ||||||||||||||||||||||||
12 | taxpayer's own use and not for resale is entitled to a credit | ||||||||||||||||||||||||
13 | against the tax imposed by subsections (a) and (b) of Section | ||||||||||||||||||||||||
14 | 201 in an amount equal to 10% of the purchase price of the farm | ||||||||||||||||||||||||
15 | equipment. | ||||||||||||||||||||||||
16 | (b) In no event may a credit under this Section reduce the | ||||||||||||||||||||||||
17 | taxpayer's liability to less than zero. The credit may not be | ||||||||||||||||||||||||
18 | carried forward or back. | ||||||||||||||||||||||||
19 | (c) For the purposes of this Section, "farm equipment" | ||||||||||||||||||||||||
20 | means new or used machinery or equipment purchased in Illinois, | ||||||||||||||||||||||||
21 | which is used primarily for agriculture and has a minimum | ||||||||||||||||||||||||
22 | purchase price of $100,000, including, but not limited to, | ||||||||||||||||||||||||
23 | tractors, harvesters, sprayers, planters,
seeders, spreaders, |
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1 | computers, monitors, sensors, and associated software, and | ||||||
2 | other equipment designated as farm equipment by the Department | ||||||
3 | by rule.
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4 | Section 99. Effective date. This Act takes effect upon | ||||||
5 | becoming law.
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