Bill Text: IL HB5273 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the amount paid by the taxpayer during the taxable year for the purpose of purchasing acoustical materials, other materials, labor, and professional services to soundproof a residential home located at an eligible address against aircraft noise generated by an airport governed by the provisions of the Permanent Noise Monitoring Act. Provides that the credit may not reduce the taxpayer's liability to less than zero; however, the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB5273 Detail]

Download: Illinois-2017-HB5273-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB5273 Introduced , by Rep. Christine Winger SYNOPSIS AS INTRODUCED:
35 ILCS 5/227 new
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the amount paid by the taxpayer during the taxable year for the purpose of purchasing acoustical materials, other materials, labor, and professional services to soundproof a residential home located at an eligible address against aircraft noise generated by an airport governed by the provisions of the Permanent Noise Monitoring Act. Provides that the credit may not reduce the taxpayer's liability to less than zero; however, the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provisions. 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 227 as follows:
(35 ILCS 5/227 new)
Sec. 227. Credit for soundproofing of residential homes.
(a) For taxable years ending on or after December 31, 2018,
each taxpayer is entitled to a credit, not exceeding $8,000,
against the tax imposed under subsections (a) and (b) of
Section 201 in an amount equal to the amount paid by the
taxpayer during the taxable year for the purpose of purchasing
acoustical materials, other materials, labor, and professional
services to soundproof a residential home located at an
eligible address against aircraft noise generated by an airport
governed by the provisions of the Permanent Noise Monitoring
Act. In order to be eligible for the credit under this Section,
the soundproofing work must be carried out in accordance with
the requirements of the Illinois Residential Building Code Act.
(b) In no event shall a credit under this Section reduce a
taxpayer's liability to less than zero. If the amount of credit
exceeds the tax liability for the year, the excess may be
carried forward and applied to the tax liability for the 5

HB5273 - 2 - LRB100 16786 HLH 31926 b
taxable years following the excess credit year. The tax 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 liability, the earlier credit shall be
applied first.
(c) For the purposes of this Section, an "eligible address"
means any address located (i) within the 65 DNL Build-out
Contour for O'Hare International Airport, as defined by rules
adopted by the Federal Aviation Administration, (ii) within an
alternative 65 CNEL Build-out Contour for O'Hare International
Airport, with CNEL units as defined in subsection (a-3) of
Section 5 of the Permanent Noise Monitoring Act, or (iii) not
more than 20 miles east or west and not more than 3 miles north
or south of an airport runway aligned in an east-west direction
and located at O'Hare International Airport.
(d) This Section is exempt from the provisions of Section
250.
Section 99. Effective date. This Act takes effect upon
becoming law.