Sen. Melinda Bush

Filed: 2/28/2019

 

 


 

 


 
10100SB0029sam001LRB101 02876 HLH 56708 a

1
AMENDMENT TO SENATE BILL 29

2    AMENDMENT NO. ______. Amend Senate Bill 29 on page 39, by
3replacing lines 12 through 24 with the following:
4    "(f) This Section is exempt from the provisions of Section
5250 of the Illinois Income Tax Act."; and
 
6on page 46, by replacing lines 6 through 18 with the following:
7    "(b) Notwithstanding subsection (a), the credit may be
8applied in more than 10 taxable years but not more than 15
9taxable years for an eligible green energy enterprise that
10qualifies under this Act and the Corporate Headquarters
11Relocation Act and has in fact undertaken a qualifying project
12within the timeframe specified by the Department of Commerce
13and Economic Opportunity under that Act. In that case, the
14Department of Commerce and Economic Opportunity shall extend
15the tax credit agreement to not more than 15 years and reduce
16the annual allocation to 60% of the maximum credit that would
17otherwise be available under this Act.

 

 

10100SB0029sam001- 2 -LRB101 02876 HLH 56708 a

1    (c) The tax credit may not reduce the taxpayer's liability
2to less than zero. If the amount of tax credit exceeds the
3liability for the year, the excess may be carried forward and
4applied to the tax liability of the 5 taxable years following
5the excess credit year. The credit must be applied to the
6earliest year for which there is a tax liability. If there are
7credits from more than one tax year that are available to
8offset a liability, then the earlier credit will be applied
9first."; and
 
10on page 51, by replacing lines 8 through 16 with the following:
 
11    "Section 5-70. Pass through entities.
12    (a) For partners, shareholders of Subchapter S
13corporations, and owners of limited liability companies, if the
14liability company is treated as a partnership for purposes of
15federal and State income taxation, there is allowed a credit
16under this Section to be determined in accordance with the
17determination of income and distributive share of income under
18Sections 702 and 704 and Subchapter S of the Internal Revenue
19Code.
20    (b) The Credit provided under subsection (a) is in addition
21to any Credit to which a shareholder or partner is otherwise
22entitled under a separate Agreement under this Act. A pass
23through entity and a shareholder or partner of the pass through
24entity may not claim more than one Credit under the same

 

 

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1Agreement."; and
 
2on page 88, line 19, by replacing "A taxpayer" with "For tax
3years beginning on or after January 1, 2020, a taxpayer".