Full Text of HB4312 94th General Assembly
HB4312 94TH GENERAL ASSEMBLY
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006 HB4312
Introduced 12/27/2005, by Rep. Carolyn H. Krause SYNOPSIS AS INTRODUCED: |
|
|
Amends the Illinois Income Tax Act. Provides that each individual taxpayer who, during the taxable year, purchases and installs a certified energy-efficient appliance is entitled to an income credit in an amount equal to the lesser of: (i) $0.48 per average first-year kilowatt hours saved, or the equivalent for other fuel saved, as estimated by the Department of Commerce and Economic Opportunity; or (ii) $1,200, but, in no case, however, may the credit exceed 25% of the cost of the appliance. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Provides that "energy-efficient appliance" means any clothes washer, clothes dryer, water heater, refrigerator, freezer, dishwasher, appliance designed to heat or cool a dwelling, or other major household appliance that, according to the standards set forth under the federal Energy Guide, has premium energy-efficient characteristics. Effective immediately.
|
| |
|
|
| FISCAL NOTE ACT MAY APPLY | |
|
|
A BILL FOR
|
|
|
|
|
HB4312 |
|
LRB094 16198 RSP 51441 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 216 as follows: | 6 |
| (35 ILCS 5/216 new) | 7 |
| Sec. 216. Credit for energy-efficient appliances. | 8 |
| (a) For taxable years ending on or after December 31, 2006 | 9 |
| and on or before December 30, 2011, each individual taxpayer | 10 |
| who, during the taxable year, purchases and installs, in the | 11 |
| taxpayer's residence, a certified energy-efficient appliance | 12 |
| is entitled to a credit against the taxes imposed under | 13 |
| Subsections (a) and (b) of Section 201 in an amount set forth | 14 |
| under subsection (b). | 15 |
| (b) The amount of the credit under this Section is the | 16 |
| lesser of: (i) $0.48 per average first-year kilowatt hours | 17 |
| saved, or the equivalent for other fuel saved, as estimated by | 18 |
| the Department of Commerce and Economic Opportunity; or (ii) | 19 |
| $1,200. In no case, however, may the credit exceed 25% of the | 20 |
| cost of the appliance. | 21 |
| (c) The credit may not be carried forward or back. In no
| 22 |
| event may a credit under this Section reduce the taxpayer's
| 23 |
| liability to less than zero. | 24 |
| (d) For the purpose of this Section, an "energy-efficient | 25 |
| appliance" means any clothes washer, clothes dryer, water | 26 |
| heater, refrigerator, freezer, dishwasher, appliance designed | 27 |
| to heat or cool a dwelling, or other major household appliance | 28 |
| that, according to the standards set forth under the federal | 29 |
| Energy Guide, has premium energy-efficient characteristics.
| 30 |
| Section 99. Effective date. This Act takes effect upon | 31 |
| becoming law.
|
|