97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB2077

 

Introduced 2/22/2011, by Rep. Lou Lang

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/221 new

    Amends the Illinois Income Tax Act. Authorizes a credit to taxpayers who are wind turbine manufacturers equal to 30% of the Illinois income tax attributable to income from the sale of wind turbines. A taxpayer may claim the credit for only one taxable year. Provides that the credit may not reduce the taxpayer's liability to less than zero and may not be carried back, but may be carried forward and applied to the tax liability of the 3 taxable years following the excess credit year. Effective immediately.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 221 as follows:
 
6    (35 ILCS 5/221 new)
7    Sec. 221. Credit for wind turbine manufacturers.
8    (a) For taxable years ending on or after December 31, 2011
9and on or before December 30, 2016, a taxpayer who is a
10manufacturer of wind turbines is entitled to a credit against
11the tax imposed by subsections (a) and (b) of Section 201 of
12this Act equal to 30% of the Illinois income tax attributable
13to income from the sale of wind turbines. A taxpayer may claim
14the credit for only one taxable year. For partners,
15shareholders of Subchapter S corporations, and owners of
16limited liability companies, if the liability company is
17treated as a partnership for purposes of federal and State
18income taxation, there shall be allowed a credit under this
19Section to be determined in accordance with the determination
20of income and distributive share of income under Sections 702
21and 704 and Subchapter S of the Internal Revenue Code.
22    (b) In no event shall a credit under this Section reduce
23the taxpayer's liability to less than zero. If the amount of

 

 

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1the credit exceeds the tax liability for the year, the excess
2may not be carried carried back, but may be carried forward and
3applied to the tax liability of the 3 taxable years following
4the excess credit year. The credit shall be applied to the
5earliest year for which there is a tax liability. If there are
6credits for more than one year that are available to offset a
7liability, the earlier credit shall be applied first.
 
8    Section 99. Effective date. This Act takes effect upon
9becoming law.