95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB3673


 
Introduced 2/28/2007, by Rep. Jim Watson
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/218 new










    Amends the Illinois Income Tax Act. Creates a credit, for taxable years ending on or after December 31, 2007, for taxpayers who operate a clean-coal-energy project in the State. Provides that the amount of the credit is an amount equal to the costs of that operation, but not to exceed $50,000. Defines "clean-coal-energy project" to include  any project that employs the use of clean-coal technology, any coal-gasification project, and any project to provide pollution-control technology for existing coal plants. Provides that the credit may be carried forward for 5 years. Exempts the credit from the Act's sunset provisions. Effective immediately.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB3673

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    AN ACT concerning revenue.

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


 
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    Section 5. The Illinois Income Tax Act is amended  by adding 
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Section 218 as follows:
 
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    (35 ILCS 5/218  new)
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    Sec. 218. Clean coal credit.
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    (a) For taxable years ending on or after December 31, 2007, 
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each taxpayer who operates a clean-coal-energy project in the 
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State is entitled to a credit against the tax imposed under 
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subsections (a) and (b) of Section 201 in an amount equal to 
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the costs of that operation, but not to exceed $50,000.
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    (b) For the purpose of this Section, "clean-coal-energy 
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project" includes  any project that employs the use of 
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clean-coal technology, any coal-gasification project, and any 
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project to provide pollution-control technology for existing 
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coal plants.

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    (c) For partners, shareholders of Subchapter S 
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corporations, and owners of limited liability companies, if the 
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liability company is treated as a partnership for purposes of 
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federal and State income taxation, there is allowed a credit 
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under this Section to be determined in accordance with the 
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determination of income and distributive share of income under 
 


 






HB3673
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Sections 702 and 704 and Subchapter S of the Internal Revenue 
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Code.
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    (d) The credit may not be carried back.   If the amount of 
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the credit exceeds the tax liability for the year, the excess 
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may be carried forward and applied to the tax liability of the 
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5 taxable years following the excess credit year. The tax 
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credit shall be applied to the earliest year for which there is 
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a tax liability. If there are credits for more than one year 
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that are available to offset a liability, the earlier credit 
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shall be applied first.
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    (e) This Section is exempt from the provisions of Section 
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250.

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.