103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
SB0318

 

Introduced 2/2/2023, by Sen. Laura M. Murphy

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/234 new

    Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to the amount paid by the taxpayer during the taxable year for the purpose of purchasing materials, labor, and professional services to soundproof a residential home located at an eligible address against aircraft noise generated by an airport governed by the provisions of the Permanent Noise Monitoring Act. Provides that the credit may not reduce the taxpayer's liability to less than zero. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.


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A BILL FOR

 

SB0318LRB103 26391 HLH 52754 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 234 as follows:
 
6    (35 ILCS 5/234 new)
7    Sec. 234. Credit for soundproofing of residential homes.
8    (a) For taxable years ending on or after December 31,
92023, each taxpayer is entitled to a credit against the tax
10imposed under subsections (a) and (b) of Section 201 in an
11amount equal to the amount paid by the taxpayer during the
12taxable year for the purpose of purchasing materials, labor,
13and professional services to soundproof a residential home
14located at an eligible address against aircraft noise
15generated by an airport governed by the provisions of the
16Permanent Noise Monitoring Act. In order to be eligible for
17the credit under this Section, the soundproofing work must be
18carried out in accordance with the requirements of the
19Illinois Residential Building Code Act.
20    (b) In no event shall a credit under this Section reduce a
21taxpayer's liability to less than zero. If the amount of
22credit exceeds the tax liability for the year, the excess may
23be carried forward and applied to the tax liability for the 5

 

 

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1taxable years following the excess credit year. The tax credit
2shall be applied to the earliest year for which there is a tax
3liability. If there are credits for more than one year that are
4available to offset liability, the earlier credit shall be
5applied first.
6    (c) As used in this Section, "eligible address" means any
7address located (i) within the 65 DNL Build-out Contour for
8O'Hare International Airport, as defined by rules adopted by
9the Federal Aviation Administration, (ii) within an
10alternative 65 CNEL Build-out Contour for O'Hare International
11Airport, with annual CNEL units as defined in subsection (a-3)
12of Section 5 of the Permanent Noise Monitoring Act, or (iii)
13not more than 20 miles east or west and not more than 3 miles
14north or south of an airport runway aligned in an east-west
15direction and located at O'Hare International Airport.
16    (d) This Section is exempt from the provisions of Section
17250.
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.