Bill Status of SB0066 100th General Assembly
Short Description: INC TX-MECHANICAL INSULATION
Sen. Michael E. Hastings, Scott M. Bennett and Bill Cunningham
| 3/17/2017||Senate||Rule 3-9(a) / Re-referred to Assignments|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a deduction in an amount equal to the product of the total capital expenditures incurred by the taxpayer for labor and materials to install mechanical insulation property during the taxable year multiplied by the applicable percentage. Provides that the applicable percentage is the lesser of: (i) 30%; or (ii) the difference between: (a) the energy savings, expressed as a percentage, obtained by placing the mechanical insulation property in service in connection with a mechanical system and (b) the energy savings, expressed as a percentage, that the property is required to meet by standard 90.1-2007, developed and published by the American Society of Heating, Refrigerating and Air-Conditioning Engineers. Effective immediately.