103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4370

 

Introduced 1/16/2024, by Rep. Dave Severin

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/241 new

    Amends the Illinois Income Tax Act. Creates a credit for individual taxpayers in an amount equal to 100% of the eligible recycling costs incurred by the taxpayer during the taxable year, not to exceed $1,000 per taxpayer. Provides that "eligible recycling costs" means costs associated with the collection, separation, conversion, or treatment of recyclable solid waste materials, including, but not limited to, paper, glass, and plastic.


LRB103 35316 HLH 65364 b

 

 

A BILL FOR

 

HB4370LRB103 35316 HLH 65364 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
5adding Section 241 as follows:
 
6    (35 ILCS 5/241 new)
7    Sec. 241. Solid waste recycling credit.
8    (a) For taxable years ending on or after December 31,
92024, each individual taxpayer is entitled to a credit against
10the taxes imposed by subsections (a) and (b) of Section 201 in
11an amount equal to 100% of the eligible recycling costs
12incurred by the taxpayer during the taxable year, not to
13exceed $1,000 per taxpayer.
14    (b) In no event shall a credit under this Section reduce
15the taxpayer's liability to less than zero. If the amount of
16the credit exceeds the tax liability for the year, the excess
17may be carried forward and applied to the tax liability of the
185 taxable years following the excess credit year. The tax
19credit shall be applied to the earliest year for which there is
20a tax liability. If there are credits for more than one year
21that are available to offset a liability, the earlier credit
22shall be applied first.
23    (c) As used in this Section:

 

 

HB4370- 2 -LRB103 35316 HLH 65364 b

1    "Eligible recycling costs" means costs associated with the
2collection, separation, conversion, or treatment of recyclable
3solid waste materials, including, but not limited to, paper,
4glass, and plastic. "Eligible recycling costs" includes
5service costs incurred by the taxpayer for the collection and
6removal of recyclable solid waste materials and costs
7associated with the purchase of equipment used exclusively for
8collecting, treating, separating, converting, or treating
9recyclable solid waste materials.
10    (d) This Section is exempt from the provisions of Section
11250.