Bill Text: IL SB0318 | 2023-2024 | 103rd 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 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. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2025-01-07 - Session Sine Die [SB0318 Detail]

Download: Illinois-2023-SB0318-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB0318 Introduced 2/2/2023, by Sen. Laura M. Murphy SYNOPSIS AS INTRODUCED:
35 ILCS 5/234 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 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. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.
LRB103 26391 HLH 52754 b
A BILL FOR
SB0318 LRB103 26391 HLH 52754 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 234 as follows:
(35 ILCS 5/234 new)
Sec. 234. Credit for soundproofing of residential homes.
(a) For taxable years ending on or after December 31,
2023, each taxpayer is entitled to a credit 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 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

SB0318 - 2 - LRB103 26391 HLH 52754 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) As used in this Section, "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 annual 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.