|
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3900 Introduced , by Rep. John D. Anthony SYNOPSIS AS INTRODUCED:
|
| |
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.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
|
|
| | HB3900 | | LRB099 07892 HLH 28032 b |
|
|
| 1 | | AN ACT concerning revenue.
|
| 2 | | Be it enacted by the People of the State of Illinois,
|
| 3 | | represented in the General Assembly:
|
| 4 | | Section 5. The Illinois Income Tax Act is amended by adding |
| 5 | | Section 224 as follows:
|
| 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, |