HB1028 98TH GENERAL ASSEMBLY

LRB098 02684 HLH 32690 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB1028

Introduced , by Rep. La Shawn K. Ford

SYNOPSIS AS INTRODUCED:

35 ILCS 5/224 new

Amends the Illinois Income Tax Act. Creates a credit in an amount equal to any unreimbursed eligible remediation costs paid by the taxpayer for the remediation of a brownfield site located in the City of Chicago. Provides that a taxpayer is not eligible for the credit if the taxpayer or any related party caused or contributed to, in any material respect, a release of regulated substances on, in, or under the site that was identified and addressed by the remedial action pursuant to the Site Remediation Program of the Environmental Protection Act. Provides that the credit is exempt from the Act's automatic sunset provision.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 224 as follows:

(35 ILCS 5/224 new)

Sec. 224. Brownfield remediation credit.

(a) For tax years ending on or after December 31, 2013, each taxpayer shall be allowed a credit against the tax imposed by subsections (a) and (b) of Section 201 of this Act in an amount equal to any unreimbursed eligible remediation costs paid by the taxpayer for the remediation of a brownfield site located in the City of Chicago. The credit must be claimed for the taxable year in which Agency approval of the eligible remediation costs is granted.

(b) A credit under this Section is not available to any taxpayer if the taxpayer or any related party caused or contributed to, in any material respect, a release of regulated substances on, in, or under the site that was identified and addressed by the remedial action pursuant to the Site Remediation Program of the Environmental Protection Act. A taxpayer is not entitled to a credit under this Section if the taxpayer received a credit under subsection (n) of Section 201 for the same remediation costs.

(c) A credit allowed under this Section that is unused in the year the credit is earned may be carried forward to each of the 5 taxable years following the year for which the credit is first earned until it is used. This credit shall be applied first to the earliest year for which there is a liability. If there is a credit under this Section from more than one tax year that is available to offset a liability, the earliest credit arising under this subsection shall be applied first.

(d) For purposes of this Section:

"Agency" means the Illinois Environmental Protection Agency.

"Brownfield site" has the meaning ascribed to that term in Section 58.2 of the Environmental Protection Act.

"Related party" has the meaning ascribed to that term in subsection (n) of Section 201 of this Act.

"Unreimbursed eligible remediation costs" means costs approved by the Agency under Section 58.14a of the Environmental Protection Act that were paid in performing environmental remediation at a brownfield site in the City of Chicago for which a No Further Remediation Letter was issued by the Agency and recorded under Section 58.10 of the Environmental Protection Act.

(e) This Section is exempt from the provisions of Section 250 of this Act.