101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4927

 

Introduced 2/18/2020, by Rep. David A. Welter

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/232 new

    Amends the Illinois Income Tax Act. Provides that the owner of a pollinator-friendly solar site is entitled to an income tax credit in the amount of $250 per taxable year.


LRB101 17967 HLH 67403 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB4927LRB101 17967 HLH 67403 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 232 as follows:
 
6    (35 ILCS 5/232 new)
7    Sec. 232. Pollinator-friendly solar site credit.
8    (a) For taxable years ending on or after December 31, 2020,
9the owner of a pollinator-friendly solar site designated under
10the Pollinator-Friendly Solar Site Act is entitled to a credit
11against the tax imposed by subsections (a) and (b) of Section
12201 in the amount of $250 per taxable year.
13    (b) The credit or credits may not reduce the taxpayer's
14liability to less than zero. If the amount of the credit or
15credits exceeds the taxpayer's liability, the excess may be
16carried forward and applied against the taxpayer's liability
17for the next 5 succeeding calendar years. The credit or credits
18shall be applied to the earliest year for which there is a tax
19liability. If there are credits from more than one taxable year
20that are available to offset a liability, the earlier credit
21shall be applied first.
22    (c) This Section is exempt from the provisions of Section
23250.