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|[ Introduced ]||[ Engrossed ]||[ Senate Amendment 001 ]|
|[ Senate Amendment 002 ]|
90_HB0282enr 240 ILCS 40/10-25 Amends the Grain Code. Makes stylistic changes. LRB9002145JSmg HB0282 Enrolled LRB9002145JSmg 1 AN ACT in relation to taxes, amending named Acts. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Civil Administrative Code of Illinois is 5 amended by adding Section 40.30 as follows: 6 (20 ILCS 205/40.30 new) 7 Sec. 40.30. To conduct a study in 2002, in cooperation 8 with the Illinois Department of Revenue, on the effects on 9 the corn-based and soybean-based biodegradable and 10 biocomposite materials markets resulting from the 11 Biodegradable and Biocomposite Materials Tax Credit provided 12 in Section 211 of the Illinois Income Tax Act. The 13 Department shall report its findings to the Illinois General 14 Assembly by February 1, 2003. 15 Section 10. The Illinois Income Tax Act is amended by 16 adding Sections 211 and 212 as follows: 17 (35 ILCS 5/211 new) 18 Sec. 211. Biodegradable and Biocomposite Materials Tax 19 Credit. 20 (a) For tax years beginning on or after January 1, 1997 21 and ending before December 30, 2002, each corporation subject 22 to this Act shall be entitled to a credit against the tax 23 imposed by subsections (a) and (b) of Section 201 in an 24 amount equal to 5% of the amount expended by a corporation on 25 biodegradable and biocomposite materials made of corn or 26 soybean products, including, but not limited to, corn-based 27 biodegradable and biocomposite packing peanuts or 28 soybean-based biodegradable and biocomposite building 29 materials. The Department of Revenue shall, by rule, HB0282 Enrolled -2- LRB9002145JSmg 1 determine what materials qualify as biodegradable and 2 biocomposite materials for purposes of this Section. In no 3 instance shall the credit provided in this Section reduce the 4 corporation's liability under this Act below zero. 5 (b) If the amount of the credit exceeds the tax 6 liability for the year, the excess may be carried forward and 7 applied to the tax liability of the 5 taxable years following 8 the excess credit year. The credit shall be applied to the 9 earliest year for which there is a tax liability. If there 10 are credits from more than one tax year that are available to 11 offset a liability, the earlier credit shall be applied 12 first. 13 (35 ILCS 5/212 new) 14 Sec. 212. Tax credit for companies producing air 15 pollution control equipment. Beginning with taxable years 16 beginning on or after January 1, 1998 and ending with taxable 17 years ending on or before December 30, 2008, every company 18 that (i) manufactures air pollution control equipment such as 19 after burners, carbon absorbers, fabric filters, or scrubbers 20 that are designed to reduce sulfur dioxide or carbon monoxide 21 emissions in accordance with the Clean Air Act of 1990 or 22 (ii) produces continuous emission monitoring systems shall be 23 entitled to a tax credit equal to 5% of the company's income 24 derived from the manufacture or production of air pollution 25 control equipment or continuous emission monitoring systems 26 if the company locates or is currently located in a 27 financially distressed county that has an active, operating 28 coal mine that has reduced production or has had an active 29 coal mine close within the last 10 years. The Department of 30 Commerce and Community Affairs, after consulting with the 31 Department of Employment Security, shall define "financially 32 distressed county" by administrative rule. This credit shall 33 not reduce the company's tax liability to less than zero. HB0282 Enrolled -3- LRB9002145JSmg 1 Section 99. Effective date. This Act takes effect upon 2 becoming law.
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