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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4856
Introduced 01/19/06, by Rep. Harry Osterman SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Creates a credit of up to $1,000 for the costs incurred by the taxpayer during the taxable year in order to make a property that was constructed before 1978 and that is owned by the taxpayer comply with applicable State and federal lead-safety standards. Provides that the credit may be carried forward for up to 5 years. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB4856 |
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LRB094 17018 BDD 52299 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by adding |
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| Section 216 as follows:
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| (35 ILCS 5/216 new) |
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| Sec. 216. Credit for lead-abatement costs. |
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| (a) For taxable years ending on or after December 31, 2006 |
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| and ending on or before December 30, 2011, each taxpayer is |
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| eligible to receive a credit against the tax imposed under |
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| subsections (a) and (b) of Section 201 in an amount equal to |
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| the qualified lead-abatement costs incurred by the taxpayer |
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| during the taxable year, but not to exceed $1,000. |
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| (b) For the purpose of this Section, "qualified |
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| lead-abatement costs" means those costs incurred by the |
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| taxpayer during the taxable year in order to make a property |
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| that was constructed before 1978 and that is owned by the |
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| taxpayer comply with applicable State and federal lead-safety |
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| standards. |
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| (c) If the taxpayer is a partnership or Subchapter S
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| corporation, the credit is allowed to the partners or
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| shareholders in accordance with the determination of income
and |
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| distributive share of income under Sections 702 and 704
and |
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| Subchapter S of the Internal Revenue Code. |
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| (d) The credit may not be carried back. If the amount of |
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| the credit exceeds the tax liability for the year, the excess |
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| may be carried forward and applied to the tax liability of the |
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| 5 taxable years following the excess credit year. The tax |
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| credit shall be applied to the earliest year for which there is |
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| a tax liability. If there are credits for more than one year |
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| that are available to offset a liability, the earlier credit |
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| shall be applied first.
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