98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB2890

 

Introduced , by Rep. Dwight Kay

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/201  from Ch. 120, par. 2-201

    Amends the Illinois Income Tax Act. Reduces the corporate income tax rate to (i) 6% for taxable years beginning on or after January 1, 2014 and ending prior to January 1, 2015 and (ii) 4.8% for taxable years beginning on or after January 1, 2015. Requires the Department of Revenue to monitor each month the seasonally-adjusted unemployment rate reported by the United States Department of Labor, Bureau of Labor Statistics, for the previous calendar month. Provides that, if the Department finds that (i) the average unemployment rate for the previous calendar month exceeds the average unemployment rate for any of the 3 calendar months immediately preceding the previous calendar month by more than 0.3% and (ii) the unemployment rate during the previous calendar month was 5.05% or higher, then the Department shall, by rule, decrease the rate of tax imposed on corporations by 0.25% for each 0.3% increase in the unemployment rate. Effective immediately.


LRB098 10063 HLH 40222 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB2890LRB098 10063 HLH 40222 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
5changing Section 201 as follows:
 
6    (35 ILCS 5/201)  (from Ch. 120, par. 2-201)
7    Sec. 201. Tax Imposed.
8    (a) In general. A tax measured by net income is hereby
9imposed on every individual, corporation, trust and estate for
10each taxable year ending after July 31, 1969 on the privilege
11of earning or receiving income in or as a resident of this
12State. Such tax shall be in addition to all other occupation or
13privilege taxes imposed by this State or by any municipal
14corporation or political subdivision thereof.
15    (b) Rates. The tax imposed by subsection (a) of this
16Section shall be determined as follows, except as adjusted by
17subsection (d-1):
18        (1) In the case of an individual, trust or estate, for
19    taxable years ending prior to July 1, 1989, an amount equal
20    to 2 1/2% of the taxpayer's net income for the taxable
21    year.
22        (2) In the case of an individual, trust or estate, for
23    taxable years beginning prior to July 1, 1989 and ending

 

 

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1    after June 30, 1989, an amount equal to the sum of (i) 2
2    1/2% of the taxpayer's net income for the period prior to
3    July 1, 1989, as calculated under Section 202.3, and (ii)
4    3% of the taxpayer's net income for the period after June
5    30, 1989, as calculated under Section 202.3.
6        (3) In the case of an individual, trust or estate, for
7    taxable years beginning after June 30, 1989, and ending
8    prior to January 1, 2011, an amount equal to 3% of the
9    taxpayer's net income for the taxable year.
10        (4) In the case of an individual, trust, or estate, for
11    taxable years beginning prior to January 1, 2011, and
12    ending after December 31, 2010, an amount equal to the sum
13    of (i) 3% of the taxpayer's net income for the period prior
14    to January 1, 2011, as calculated under Section 202.5, and
15    (ii) 5% of the taxpayer's net income for the period after
16    December 31, 2010, as calculated under Section 202.5.
17        (5) In the case of an individual, trust, or estate, for
18    taxable years beginning on or after January 1, 2011, and
19    ending prior to January 1, 2015, an amount equal to 5% of
20    the taxpayer's net income for the taxable year.
21        (5.1) In the case of an individual, trust, or estate,
22    for taxable years beginning prior to January 1, 2015, and
23    ending after December 31, 2014, an amount equal to the sum
24    of (i) 5% of the taxpayer's net income for the period prior
25    to January 1, 2015, as calculated under Section 202.5, and
26    (ii) 3.75% of the taxpayer's net income for the period

 

 

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1    after December 31, 2014, as calculated under Section 202.5.
2        (5.2) In the case of an individual, trust, or estate,
3    for taxable years beginning on or after January 1, 2015,
4    and ending prior to January 1, 2025, an amount equal to
5    3.75% of the taxpayer's net income for the taxable year.
6        (5.3) In the case of an individual, trust, or estate,
7    for taxable years beginning prior to January 1, 2025, and
8    ending after December 31, 2024, an amount equal to the sum
9    of (i) 3.75% of the taxpayer's net income for the period
10    prior to January 1, 2025, as calculated under Section
11    202.5, and (ii) 3.25% of the taxpayer's net income for the
12    period after December 31, 2024, as calculated under Section
13    202.5.
14        (5.4) In the case of an individual, trust, or estate,
15    for taxable years beginning on or after January 1, 2025, an
16    amount equal to 3.25% of the taxpayer's net income for the
17    taxable year.
18        (6) In the case of a corporation, for taxable years
19    ending prior to July 1, 1989, an amount equal to 4% of the
20    taxpayer's net income for the taxable year.
21        (7) In the case of a corporation, for taxable years
22    beginning prior to July 1, 1989 and ending after June 30,
23    1989, an amount equal to the sum of (i) 4% of the
24    taxpayer's net income for the period prior to July 1, 1989,
25    as calculated under Section 202.3, and (ii) 4.8% of the
26    taxpayer's net income for the period after June 30, 1989,

 

 

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1    as calculated under Section 202.3.
2        (8) In the case of a corporation, for taxable years
3    beginning after June 30, 1989, and ending prior to January
4    1, 2011, an amount equal to 4.8% of the taxpayer's net
5    income for the taxable year.
6        (9) In the case of a corporation, for taxable years
7    beginning prior to January 1, 2011, and ending after
8    December 31, 2010, an amount equal to the sum of (i) 4.8%
9    of the taxpayer's net income for the period prior to
10    January 1, 2011, as calculated under Section 202.5, and
11    (ii) 7% of the taxpayer's net income for the period after
12    December 31, 2010, as calculated under Section 202.5.
13        (10) In the case of a corporation, for taxable years
14    beginning on or after January 1, 2011, and ending prior to
15    January 1, 2014 January 1, 2015, an amount equal to 7% of
16    the taxpayer's net income for the taxable year.
17        (11) In the case of a corporation, for taxable years
18    beginning prior to January 1, 2014 January 1, 2015, and
19    ending after December 31, 2013 December 31, 2014, an amount
20    equal to the sum of (i) 7% of the taxpayer's net income for
21    the period prior to January 1, 2014 January 1, 2015, as
22    calculated under Section 202.5, and (ii) 5.25% of the
23    taxpayer's net income for the period after December 31,
24    2013 December 31, 2014, as calculated under Section 202.5.
25        (12) In the case of a corporation, for taxable years
26    beginning on or after January 1, 2014 January 1, 2015, and

 

 

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1    ending prior to January 1, 2015 January 1, 2025, an amount
2    equal to 6% 5.25% of the taxpayer's net income for the
3    taxable year.
4        (13) In the case of a corporation, for taxable years
5    beginning prior to January 1, 2015 January 1, 2025, and
6    ending after December 31, 2014 December 31, 2024, an amount
7    equal to the sum of (i) 6% 5.25% of the taxpayer's net
8    income for the period prior to January 1, 2015 January 1,
9    2025, as calculated under Section 202.5, and (ii) 4.8% of
10    the taxpayer's net income for the period after December 31,
11    2014 December 31, 2024, as calculated under Section 202.5.
12        (14) In the case of a corporation, for taxable years
13    beginning on or after January 1, 2015 January 1, 2025, an
14    amount equal to 4.8% of the taxpayer's net income for the
15    taxable year.
16    The rates under this subsection (b) are subject to the
17provisions of Section 201.5 and subsection (b-5) of this
18Section.
19    (b-5) In each month beginning with the month in which this
20amendatory Act of the 98th General Assembly takes effect and
21through December 2014, the Department shall monitor the
22seasonally-adjusted unemployment rate reported by the United
23States Department of Labor, Bureau of Labor Statistics, for the
24previous calendar month. Notwithstanding subsection (b) of
25this Section, if the Department finds that (i) the average
26unemployment rate for the previous calendar month exceeds the

 

 

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1average unemployment rate for any of the 3 calendar months
2immediately preceding the previous calendar month by more than
30.3% and (ii) the unemployment rate during the previous
4calendar month was 5.05% or higher, then, beginning on the
5first day of the first month to occur not less than 30 days
6after the Department makes the finding, the Department shall,
7by rule, decrease the rate of tax imposed on corporations under
8subsection (b) of this Section by 0.25% for each 0.3% increase
9in the unemployment rate. The reduced rate of tax under this
10subsection (b-5) shall remain in effect until January 1 of the
11next calendar year or until an additional reduction is required
12under this subsection, whichever occurs sooner. If a rate
13reduction occurs under this subsection (b-5) during calendar
14year 2013 as a result of an increase in the unemployment rate,
15then, (i) beginning on January 1, 2014 and ending on December
1631, 2014, the rate of tax imposed on corporations shall be the
17rate of tax in effect on December 31, 2013, reduced by 1%. For
18taxable years beginning on or after January 1, 2015, the rate
19of tax imposed on corporations shall be 4.8%. Notwithstanding
20any other provision of this subsection to the contrary, the
21rate of tax on corporations may not be reduced to less than
224.8% at any time.
23    The taxpayer may elect to determine net income on a
24specific accounting basis, according to the procedures
25established under Section 202.5, so as to attribute income and
26deduction items to a specific portion of the taxable year. The

 

 

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1rates under this subsection (b-5) are subject to the provisions
2of Section 201.5. The Department may adopt rules to implement
3this subsection.
4    (c) Personal Property Tax Replacement Income Tax.
5Beginning on July 1, 1979 and thereafter, in addition to such
6income tax, there is also hereby imposed the Personal Property
7Tax Replacement Income Tax measured by net income on every
8corporation (including Subchapter S corporations), partnership
9and trust, for each taxable year ending after June 30, 1979.
10Such taxes are imposed on the privilege of earning or receiving
11income in or as a resident of this State. The Personal Property
12Tax Replacement Income Tax shall be in addition to the income
13tax imposed by subsections (a) and (b) of this Section and in
14addition to all other occupation or privilege taxes imposed by
15this State or by any municipal corporation or political
16subdivision thereof.
17    (d) Additional Personal Property Tax Replacement Income
18Tax Rates. The personal property tax replacement income tax
19imposed by this subsection and subsection (c) of this Section
20in the case of a corporation, other than a Subchapter S
21corporation and except as adjusted by subsection (d-1), shall
22be an additional amount equal to 2.85% of such taxpayer's net
23income for the taxable year, except that beginning on January
241, 1981, and thereafter, the rate of 2.85% specified in this
25subsection shall be reduced to 2.5%, and in the case of a
26partnership, trust or a Subchapter S corporation shall be an

 

 

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1additional amount equal to 1.5% of such taxpayer's net income
2for the taxable year.
3    (d-1) Rate reduction for certain foreign insurers. In the
4case of a foreign insurer, as defined by Section 35A-5 of the
5Illinois Insurance Code, whose state or country of domicile
6imposes on insurers domiciled in Illinois a retaliatory tax
7(excluding any insurer whose premiums from reinsurance assumed
8are 50% or more of its total insurance premiums as determined
9under paragraph (2) of subsection (b) of Section 304, except
10that for purposes of this determination premiums from
11reinsurance do not include premiums from inter-affiliate
12reinsurance arrangements), beginning with taxable years ending
13on or after December 31, 1999, the sum of the rates of tax
14imposed by subsections (b) and (d) shall be reduced (but not
15increased) to the rate at which the total amount of tax imposed
16under this Act, net of all credits allowed under this Act,
17shall equal (i) the total amount of tax that would be imposed
18on the foreign insurer's net income allocable to Illinois for
19the taxable year by such foreign insurer's state or country of
20domicile if that net income were subject to all income taxes
21and taxes measured by net income imposed by such foreign
22insurer's state or country of domicile, net of all credits
23allowed or (ii) a rate of zero if no such tax is imposed on such
24income by the foreign insurer's state of domicile. For the
25purposes of this subsection (d-1), an inter-affiliate includes
26a mutual insurer under common management.

 

 

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1        (1) For the purposes of subsection (d-1), in no event
2    shall the sum of the rates of tax imposed by subsections
3    (b) and (d) be reduced below the rate at which the sum of:
4            (A) the total amount of tax imposed on such foreign
5        insurer under this Act for a taxable year, net of all
6        credits allowed under this Act, plus
7            (B) the privilege tax imposed by Section 409 of the
8        Illinois Insurance Code, the fire insurance company
9        tax imposed by Section 12 of the Fire Investigation
10        Act, and the fire department taxes imposed under
11        Section 11-10-1 of the Illinois Municipal Code,
12    equals 1.25% for taxable years ending prior to December 31,
13    2003, or 1.75% for taxable years ending on or after
14    December 31, 2003, of the net taxable premiums written for
15    the taxable year, as described by subsection (1) of Section
16    409 of the Illinois Insurance Code. This paragraph will in
17    no event increase the rates imposed under subsections (b)
18    and (d).
19        (2) Any reduction in the rates of tax imposed by this
20    subsection shall be applied first against the rates imposed
21    by subsection (b) and only after the tax imposed by
22    subsection (a) net of all credits allowed under this
23    Section other than the credit allowed under subsection (i)
24    has been reduced to zero, against the rates imposed by
25    subsection (d).
26    This subsection (d-1) is exempt from the provisions of

 

 

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1Section 250.
2    (e) Investment credit. A taxpayer shall be allowed a credit
3against the Personal Property Tax Replacement Income Tax for
4investment in qualified property.
5        (1) A taxpayer shall be allowed a credit equal to .5%
6    of the basis of qualified property placed in service during
7    the taxable year, provided such property is placed in
8    service on or after July 1, 1984. There shall be allowed an
9    additional credit equal to .5% of the basis of qualified
10    property placed in service during the taxable year,
11    provided such property is placed in service on or after
12    July 1, 1986, and the taxpayer's base employment within
13    Illinois has increased by 1% or more over the preceding
14    year as determined by the taxpayer's employment records
15    filed with the Illinois Department of Employment Security.
16    Taxpayers who are new to Illinois shall be deemed to have
17    met the 1% growth in base employment for the first year in
18    which they file employment records with the Illinois
19    Department of Employment Security. The provisions added to
20    this Section by Public Act 85-1200 (and restored by Public
21    Act 87-895) shall be construed as declaratory of existing
22    law and not as a new enactment. If, in any year, the
23    increase in base employment within Illinois over the
24    preceding year is less than 1%, the additional credit shall
25    be limited to that percentage times a fraction, the
26    numerator of which is .5% and the denominator of which is

 

 

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1    1%, but shall not exceed .5%. The investment credit shall
2    not be allowed to the extent that it would reduce a
3    taxpayer's liability in any tax year below zero, nor may
4    any credit for qualified property be allowed for any year
5    other than the year in which the property was placed in
6    service in Illinois. For tax years ending on or after
7    December 31, 1987, and on or before December 31, 1988, the
8    credit shall be allowed for the tax year in which the
9    property is placed in service, or, if the amount of the
10    credit exceeds the tax liability for that year, whether it
11    exceeds the original liability or the liability as later
12    amended, such excess may be carried forward and applied to
13    the tax liability of the 5 taxable years following the
14    excess credit years if the taxpayer (i) makes investments
15    which cause the creation of a minimum of 2,000 full-time
16    equivalent jobs in Illinois, (ii) is located in an
17    enterprise zone established pursuant to the Illinois
18    Enterprise Zone Act and (iii) is certified by the
19    Department of Commerce and Community Affairs (now
20    Department of Commerce and Economic Opportunity) as
21    complying with the requirements specified in clause (i) and
22    (ii) by July 1, 1986. The Department of Commerce and
23    Community Affairs (now Department of Commerce and Economic
24    Opportunity) shall notify the Department of Revenue of all
25    such certifications immediately. For tax years ending
26    after December 31, 1988, the credit shall be allowed for

 

 

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1    the tax year in which the property is placed in service,
2    or, if the amount of the credit exceeds the tax liability
3    for that year, whether it exceeds the original liability or
4    the liability as later amended, such excess may be carried
5    forward and applied to the tax liability of the 5 taxable
6    years following the excess credit years. The credit shall
7    be applied to the earliest year for which there is a
8    liability. If there is credit from more than one tax year
9    that is available to offset a liability, earlier credit
10    shall be applied first.
11        (2) The term "qualified property" means property
12    which:
13            (A) is tangible, whether new or used, including
14        buildings and structural components of buildings and
15        signs that are real property, but not including land or
16        improvements to real property that are not a structural
17        component of a building such as landscaping, sewer
18        lines, local access roads, fencing, parking lots, and
19        other appurtenances;
20            (B) is depreciable pursuant to Section 167 of the
21        Internal Revenue Code, except that "3-year property"
22        as defined in Section 168(c)(2)(A) of that Code is not
23        eligible for the credit provided by this subsection
24        (e);
25            (C) is acquired by purchase as defined in Section
26        179(d) of the Internal Revenue Code;

 

 

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1            (D) is used in Illinois by a taxpayer who is
2        primarily engaged in manufacturing, or in mining coal
3        or fluorite, or in retailing, or was placed in service
4        on or after July 1, 2006 in a River Edge Redevelopment
5        Zone established pursuant to the River Edge
6        Redevelopment Zone Act; and
7            (E) has not previously been used in Illinois in
8        such a manner and by such a person as would qualify for
9        the credit provided by this subsection (e) or
10        subsection (f).
11        (3) For purposes of this subsection (e),
12    "manufacturing" means the material staging and production
13    of tangible personal property by procedures commonly
14    regarded as manufacturing, processing, fabrication, or
15    assembling which changes some existing material into new
16    shapes, new qualities, or new combinations. For purposes of
17    this subsection (e) the term "mining" shall have the same
18    meaning as the term "mining" in Section 613(c) of the
19    Internal Revenue Code. For purposes of this subsection (e),
20    the term "retailing" means the sale of tangible personal
21    property for use or consumption and not for resale, or
22    services rendered in conjunction with the sale of tangible
23    personal property for use or consumption and not for
24    resale. For purposes of this subsection (e), "tangible
25    personal property" has the same meaning as when that term
26    is used in the Retailers' Occupation Tax Act, and, for

 

 

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1    taxable years ending after December 31, 2008, does not
2    include the generation, transmission, or distribution of
3    electricity.
4        (4) The basis of qualified property shall be the basis
5    used to compute the depreciation deduction for federal
6    income tax purposes.
7        (5) If the basis of the property for federal income tax
8    depreciation purposes is increased after it has been placed
9    in service in Illinois by the taxpayer, the amount of such
10    increase shall be deemed property placed in service on the
11    date of such increase in basis.
12        (6) The term "placed in service" shall have the same
13    meaning as under Section 46 of the Internal Revenue Code.
14        (7) If during any taxable year, any property ceases to
15    be qualified property in the hands of the taxpayer within
16    48 months after being placed in service, or the situs of
17    any qualified property is moved outside Illinois within 48
18    months after being placed in service, the Personal Property
19    Tax Replacement Income Tax for such taxable year shall be
20    increased. Such increase shall be determined by (i)
21    recomputing the investment credit which would have been
22    allowed for the year in which credit for such property was
23    originally allowed by eliminating such property from such
24    computation and, (ii) subtracting such recomputed credit
25    from the amount of credit previously allowed. For the
26    purposes of this paragraph (7), a reduction of the basis of

 

 

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1    qualified property resulting from a redetermination of the
2    purchase price shall be deemed a disposition of qualified
3    property to the extent of such reduction.
4        (8) Unless the investment credit is extended by law,
5    the basis of qualified property shall not include costs
6    incurred after December 31, 2018, except for costs incurred
7    pursuant to a binding contract entered into on or before
8    December 31, 2018.
9        (9) Each taxable year ending before December 31, 2000,
10    a partnership may elect to pass through to its partners the
11    credits to which the partnership is entitled under this
12    subsection (e) for the taxable year. A partner may use the
13    credit allocated to him or her under this paragraph only
14    against the tax imposed in subsections (c) and (d) of this
15    Section. If the partnership makes that election, those
16    credits shall be allocated among the partners in the
17    partnership in accordance with the rules set forth in
18    Section 704(b) of the Internal Revenue Code, and the rules
19    promulgated under that Section, and the allocated amount of
20    the credits shall be allowed to the partners for that
21    taxable year. The partnership shall make this election on
22    its Personal Property Tax Replacement Income Tax return for
23    that taxable year. The election to pass through the credits
24    shall be irrevocable.
25        For taxable years ending on or after December 31, 2000,
26    a partner that qualifies its partnership for a subtraction

 

 

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1    under subparagraph (I) of paragraph (2) of subsection (d)
2    of Section 203 or a shareholder that qualifies a Subchapter
3    S corporation for a subtraction under subparagraph (S) of
4    paragraph (2) of subsection (b) of Section 203 shall be
5    allowed a credit under this subsection (e) equal to its
6    share of the credit earned under this subsection (e) during
7    the taxable year by the partnership or Subchapter S
8    corporation, determined in accordance with the
9    determination of income and distributive share of income
10    under Sections 702 and 704 and Subchapter S of the Internal
11    Revenue Code. This paragraph is exempt from the provisions
12    of Section 250.
13    (f) Investment credit; Enterprise Zone; River Edge
14Redevelopment Zone.
15        (1) A taxpayer shall be allowed a credit against the
16    tax imposed by subsections (a) and (b) of this Section for
17    investment in qualified property which is placed in service
18    in an Enterprise Zone created pursuant to the Illinois
19    Enterprise Zone Act or, for property placed in service on
20    or after July 1, 2006, a River Edge Redevelopment Zone
21    established pursuant to the River Edge Redevelopment Zone
22    Act. For partners, shareholders of Subchapter S
23    corporations, and owners of limited liability companies,
24    if the liability company is treated as a partnership for
25    purposes of federal and State income taxation, there shall
26    be allowed a credit under this subsection (f) to be

 

 

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1    determined in accordance with the determination of income
2    and distributive share of income under Sections 702 and 704
3    and Subchapter S of the Internal Revenue Code. The credit
4    shall be .5% of the basis for such property. The credit
5    shall be available only in the taxable year in which the
6    property is placed in service in the Enterprise Zone or
7    River Edge Redevelopment Zone and shall not be allowed to
8    the extent that it would reduce a taxpayer's liability for
9    the tax imposed by subsections (a) and (b) of this Section
10    to below zero. For tax years ending on or after December
11    31, 1985, the credit shall be allowed for the tax year in
12    which the property is placed in service, or, if the amount
13    of the credit exceeds the tax liability for that year,
14    whether it exceeds the original liability or the liability
15    as later amended, such excess may be carried forward and
16    applied to the tax liability of the 5 taxable years
17    following the excess credit year. The credit shall be
18    applied to the earliest year for which there is a
19    liability. If there is credit from more than one tax year
20    that is available to offset a liability, the credit
21    accruing first in time shall be applied first.
22        (2) The term qualified property means property which:
23            (A) is tangible, whether new or used, including
24        buildings and structural components of buildings;
25            (B) is depreciable pursuant to Section 167 of the
26        Internal Revenue Code, except that "3-year property"

 

 

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1        as defined in Section 168(c)(2)(A) of that Code is not
2        eligible for the credit provided by this subsection
3        (f);
4            (C) is acquired by purchase as defined in Section
5        179(d) of the Internal Revenue Code;
6            (D) is used in the Enterprise Zone or River Edge
7        Redevelopment Zone by the taxpayer; and
8            (E) has not been previously used in Illinois in
9        such a manner and by such a person as would qualify for
10        the credit provided by this subsection (f) or
11        subsection (e).
12        (3) The basis of qualified property shall be the basis
13    used to compute the depreciation deduction for federal
14    income tax purposes.
15        (4) If the basis of the property for federal income tax
16    depreciation purposes is increased after it has been placed
17    in service in the Enterprise Zone or River Edge
18    Redevelopment Zone by the taxpayer, the amount of such
19    increase shall be deemed property placed in service on the
20    date of such increase in basis.
21        (5) The term "placed in service" shall have the same
22    meaning as under Section 46 of the Internal Revenue Code.
23        (6) If during any taxable year, any property ceases to
24    be qualified property in the hands of the taxpayer within
25    48 months after being placed in service, or the situs of
26    any qualified property is moved outside the Enterprise Zone

 

 

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1    or River Edge Redevelopment Zone within 48 months after
2    being placed in service, the tax imposed under subsections
3    (a) and (b) of this Section for such taxable year shall be
4    increased. Such increase shall be determined by (i)
5    recomputing the investment credit which would have been
6    allowed for the year in which credit for such property was
7    originally allowed by eliminating such property from such
8    computation, and (ii) subtracting such recomputed credit
9    from the amount of credit previously allowed. For the
10    purposes of this paragraph (6), a reduction of the basis of
11    qualified property resulting from a redetermination of the
12    purchase price shall be deemed a disposition of qualified
13    property to the extent of such reduction.
14        (7) There shall be allowed an additional credit equal
15    to 0.5% of the basis of qualified property placed in
16    service during the taxable year in a River Edge
17    Redevelopment Zone, provided such property is placed in
18    service on or after July 1, 2006, and the taxpayer's base
19    employment within Illinois has increased by 1% or more over
20    the preceding year as determined by the taxpayer's
21    employment records filed with the Illinois Department of
22    Employment Security. Taxpayers who are new to Illinois
23    shall be deemed to have met the 1% growth in base
24    employment for the first year in which they file employment
25    records with the Illinois Department of Employment
26    Security. If, in any year, the increase in base employment

 

 

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1    within Illinois over the preceding year is less than 1%,
2    the additional credit shall be limited to that percentage
3    times a fraction, the numerator of which is 0.5% and the
4    denominator of which is 1%, but shall not exceed 0.5%.
5    (g) Jobs Tax Credit; River Edge Redevelopment Zone and
6Foreign Trade Zone or Sub-Zone.
7        (1) A taxpayer conducting a trade or business, for
8    taxable years ending on or after December 31, 2006, in a
9    River Edge Redevelopment Zone or conducting a trade or
10    business in a federally designated Foreign Trade Zone or
11    Sub-Zone shall be allowed a credit against the tax imposed
12    by subsections (a) and (b) of this Section in the amount of
13    $500 per eligible employee hired to work in the zone during
14    the taxable year.
15        (2) To qualify for the credit:
16            (A) the taxpayer must hire 5 or more eligible
17        employees to work in a River Edge Redevelopment Zone or
18        federally designated Foreign Trade Zone or Sub-Zone
19        during the taxable year;
20            (B) the taxpayer's total employment within the
21        River Edge Redevelopment Zone or federally designated
22        Foreign Trade Zone or Sub-Zone must increase by 5 or
23        more full-time employees beyond the total employed in
24        that zone at the end of the previous tax year for which
25        a jobs tax credit under this Section was taken, or
26        beyond the total employed by the taxpayer as of

 

 

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1        December 31, 1985, whichever is later; and
2            (C) the eligible employees must be employed 180
3        consecutive days in order to be deemed hired for
4        purposes of this subsection.
5        (3) An "eligible employee" means an employee who is:
6            (A) Certified by the Department of Commerce and
7        Economic Opportunity as "eligible for services"
8        pursuant to regulations promulgated in accordance with
9        Title II of the Job Training Partnership Act, Training
10        Services for the Disadvantaged or Title III of the Job
11        Training Partnership Act, Employment and Training
12        Assistance for Dislocated Workers Program.
13            (B) Hired after the River Edge Redevelopment Zone
14        or federally designated Foreign Trade Zone or Sub-Zone
15        was designated or the trade or business was located in
16        that zone, whichever is later.
17            (C) Employed in the River Edge Redevelopment Zone
18        or Foreign Trade Zone or Sub-Zone. An employee is
19        employed in a federally designated Foreign Trade Zone
20        or Sub-Zone if his services are rendered there or it is
21        the base of operations for the services performed.
22            (D) A full-time employee working 30 or more hours
23        per week.
24        (4) For tax years ending on or after December 31, 1985
25    and prior to December 31, 1988, the credit shall be allowed
26    for the tax year in which the eligible employees are hired.

 

 

HB2890- 22 -LRB098 10063 HLH 40222 b

1    For tax years ending on or after December 31, 1988, the
2    credit shall be allowed for the tax year immediately
3    following the tax year in which the eligible employees are
4    hired. If the amount of the credit exceeds the tax
5    liability for that year, whether it exceeds the original
6    liability or the liability as later amended, such excess
7    may be carried forward and applied to the tax liability of
8    the 5 taxable years following the excess credit year. The
9    credit shall be applied to the earliest year for which
10    there is a liability. If there is credit from more than one
11    tax year that is available to offset a liability, earlier
12    credit shall be applied first.
13        (5) The Department of Revenue shall promulgate such
14    rules and regulations as may be deemed necessary to carry
15    out the purposes of this subsection (g).
16        (6) The credit shall be available for eligible
17    employees hired on or after January 1, 1986.
18    (h) Investment credit; High Impact Business.
19        (1) Subject to subsections (b) and (b-5) of Section 5.5
20    of the Illinois Enterprise Zone Act, a taxpayer shall be
21    allowed a credit against the tax imposed by subsections (a)
22    and (b) of this Section for investment in qualified
23    property which is placed in service by a Department of
24    Commerce and Economic Opportunity designated High Impact
25    Business. The credit shall be .5% of the basis for such
26    property. The credit shall not be available (i) until the

 

 

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1    minimum investments in qualified property set forth in
2    subdivision (a)(3)(A) of Section 5.5 of the Illinois
3    Enterprise Zone Act have been satisfied or (ii) until the
4    time authorized in subsection (b-5) of the Illinois
5    Enterprise Zone Act for entities designated as High Impact
6    Businesses under subdivisions (a)(3)(B), (a)(3)(C), and
7    (a)(3)(D) of Section 5.5 of the Illinois Enterprise Zone
8    Act, and shall not be allowed to the extent that it would
9    reduce a taxpayer's liability for the tax imposed by
10    subsections (a) and (b) of this Section to below zero. The
11    credit applicable to such investments shall be taken in the
12    taxable year in which such investments have been completed.
13    The credit for additional investments beyond the minimum
14    investment by a designated high impact business authorized
15    under subdivision (a)(3)(A) of Section 5.5 of the Illinois
16    Enterprise Zone Act shall be available only in the taxable
17    year in which the property is placed in service and shall
18    not be allowed to the extent that it would reduce a
19    taxpayer's liability for the tax imposed by subsections (a)
20    and (b) of this Section to below zero. For tax years ending
21    on or after December 31, 1987, the credit shall be allowed
22    for the tax year in which the property is placed in
23    service, or, if the amount of the credit exceeds the tax
24    liability for that year, whether it exceeds the original
25    liability or the liability as later amended, such excess
26    may be carried forward and applied to the tax liability of

 

 

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1    the 5 taxable years following the excess credit year. The
2    credit shall be applied to the earliest year for which
3    there is a liability. If there is credit from more than one
4    tax year that is available to offset a liability, the
5    credit accruing first in time shall be applied first.
6        Changes made in this subdivision (h)(1) by Public Act
7    88-670 restore changes made by Public Act 85-1182 and
8    reflect existing law.
9        (2) The term qualified property means property which:
10            (A) is tangible, whether new or used, including
11        buildings and structural components of buildings;
12            (B) is depreciable pursuant to Section 167 of the
13        Internal Revenue Code, except that "3-year property"
14        as defined in Section 168(c)(2)(A) of that Code is not
15        eligible for the credit provided by this subsection
16        (h);
17            (C) is acquired by purchase as defined in Section
18        179(d) of the Internal Revenue Code; and
19            (D) is not eligible for the Enterprise Zone
20        Investment Credit provided by subsection (f) of this
21        Section.
22        (3) The basis of qualified property shall be the basis
23    used to compute the depreciation deduction for federal
24    income tax purposes.
25        (4) If the basis of the property for federal income tax
26    depreciation purposes is increased after it has been placed

 

 

HB2890- 25 -LRB098 10063 HLH 40222 b

1    in service in a federally designated Foreign Trade Zone or
2    Sub-Zone located in Illinois by the taxpayer, the amount of
3    such increase shall be deemed property placed in service on
4    the date of such increase in basis.
5        (5) The term "placed in service" shall have the same
6    meaning as under Section 46 of the Internal Revenue Code.
7        (6) If during any taxable year ending on or before
8    December 31, 1996, any property ceases to be qualified
9    property in the hands of the taxpayer within 48 months
10    after being placed in service, or the situs of any
11    qualified property is moved outside Illinois within 48
12    months after being placed in service, the tax imposed under
13    subsections (a) and (b) of this Section for such taxable
14    year shall be increased. Such increase shall be determined
15    by (i) recomputing the investment credit which would have
16    been allowed for the year in which credit for such property
17    was originally allowed by eliminating such property from
18    such computation, and (ii) subtracting such recomputed
19    credit from the amount of credit previously allowed. For
20    the purposes of this paragraph (6), a reduction of the
21    basis of qualified property resulting from a
22    redetermination of the purchase price shall be deemed a
23    disposition of qualified property to the extent of such
24    reduction.
25        (7) Beginning with tax years ending after December 31,
26    1996, if a taxpayer qualifies for the credit under this

 

 

HB2890- 26 -LRB098 10063 HLH 40222 b

1    subsection (h) and thereby is granted a tax abatement and
2    the taxpayer relocates its entire facility in violation of
3    the explicit terms and length of the contract under Section
4    18-183 of the Property Tax Code, the tax imposed under
5    subsections (a) and (b) of this Section shall be increased
6    for the taxable year in which the taxpayer relocated its
7    facility by an amount equal to the amount of credit
8    received by the taxpayer under this subsection (h).
9    (i) Credit for Personal Property Tax Replacement Income
10Tax. For tax years ending prior to December 31, 2003, a credit
11shall be allowed against the tax imposed by subsections (a) and
12(b) of this Section for the tax imposed by subsections (c) and
13(d) of this Section. This credit shall be computed by
14multiplying the tax imposed by subsections (c) and (d) of this
15Section by a fraction, the numerator of which is base income
16allocable to Illinois and the denominator of which is Illinois
17base income, and further multiplying the product by the tax
18rate imposed by subsections (a) and (b) of this Section.
19    Any credit earned on or after December 31, 1986 under this
20subsection which is unused in the year the credit is computed
21because it exceeds the tax liability imposed by subsections (a)
22and (b) for that year (whether it exceeds the original
23liability or the liability as later amended) may be carried
24forward and applied to the tax liability imposed by subsections
25(a) and (b) of the 5 taxable years following the excess credit
26year, provided that no credit may be carried forward to any

 

 

HB2890- 27 -LRB098 10063 HLH 40222 b

1year ending on or after December 31, 2003. This credit shall be
2applied first to the earliest year for which there is a
3liability. If there is a credit under this subsection from more
4than one tax year that is available to offset a liability the
5earliest credit arising under this subsection shall be applied
6first.
7    If, during any taxable year ending on or after December 31,
81986, the tax imposed by subsections (c) and (d) of this
9Section for which a taxpayer has claimed a credit under this
10subsection (i) is reduced, the amount of credit for such tax
11shall also be reduced. Such reduction shall be determined by
12recomputing the credit to take into account the reduced tax
13imposed by subsections (c) and (d). If any portion of the
14reduced amount of credit has been carried to a different
15taxable year, an amended return shall be filed for such taxable
16year to reduce the amount of credit claimed.
17    (j) Training expense credit. Beginning with tax years
18ending on or after December 31, 1986 and prior to December 31,
192003, a taxpayer shall be allowed a credit against the tax
20imposed by subsections (a) and (b) under this Section for all
21amounts paid or accrued, on behalf of all persons employed by
22the taxpayer in Illinois or Illinois residents employed outside
23of Illinois by a taxpayer, for educational or vocational
24training in semi-technical or technical fields or semi-skilled
25or skilled fields, which were deducted from gross income in the
26computation of taxable income. The credit against the tax

 

 

HB2890- 28 -LRB098 10063 HLH 40222 b

1imposed by subsections (a) and (b) shall be 1.6% of such
2training expenses. For partners, shareholders of subchapter S
3corporations, and owners of limited liability companies, if the
4liability company is treated as a partnership for purposes of
5federal and State income taxation, there shall be allowed a
6credit under this subsection (j) to be determined in accordance
7with the determination of income and distributive share of
8income under Sections 702 and 704 and subchapter S of the
9Internal Revenue Code.
10    Any credit allowed under this subsection which is unused in
11the year the credit is earned may be carried forward to each of
12the 5 taxable years following the year for which the credit is
13first computed until it is used. This credit shall be applied
14first to the earliest year for which there is a liability. If
15there is a credit under this subsection from more than one tax
16year that is available to offset a liability the earliest
17credit arising under this subsection shall be applied first. No
18carryforward credit may be claimed in any tax year ending on or
19after December 31, 2003.
20    (k) Research and development credit. For tax years ending
21after July 1, 1990 and prior to December 31, 2003, and
22beginning again for tax years ending on or after December 31,
232004, and ending prior to January 1, 2016, a taxpayer shall be
24allowed a credit against the tax imposed by subsections (a) and
25(b) of this Section for increasing research activities in this
26State. The credit allowed against the tax imposed by

 

 

HB2890- 29 -LRB098 10063 HLH 40222 b

1subsections (a) and (b) shall be equal to 6 1/2% of the
2qualifying expenditures for increasing research activities in
3this State. For partners, shareholders of subchapter S
4corporations, and owners of limited liability companies, if the
5liability company is treated as a partnership for purposes of
6federal and State income taxation, there shall be allowed a
7credit under this subsection to be determined in accordance
8with the determination of income and distributive share of
9income under Sections 702 and 704 and subchapter S of the
10Internal Revenue Code.
11    For purposes of this subsection, "qualifying expenditures"
12means the qualifying expenditures as defined for the federal
13credit for increasing research activities which would be
14allowable under Section 41 of the Internal Revenue Code and
15which are conducted in this State, "qualifying expenditures for
16increasing research activities in this State" means the excess
17of qualifying expenditures for the taxable year in which
18incurred over qualifying expenditures for the base period,
19"qualifying expenditures for the base period" means the average
20of the qualifying expenditures for each year in the base
21period, and "base period" means the 3 taxable years immediately
22preceding the taxable year for which the determination is being
23made.
24    Any credit in excess of the tax liability for the taxable
25year may be carried forward. A taxpayer may elect to have the
26unused credit shown on its final completed return carried over

 

 

HB2890- 30 -LRB098 10063 HLH 40222 b

1as a credit against the tax liability for the following 5
2taxable years or until it has been fully used, whichever occurs
3first; provided that no credit earned in a tax year ending
4prior to December 31, 2003 may be carried forward to any year
5ending on or after December 31, 2003.
6    If an unused credit is carried forward to a given year from
72 or more earlier years, that credit arising in the earliest
8year will be applied first against the tax liability for the
9given year. If a tax liability for the given year still
10remains, the credit from the next earliest year will then be
11applied, and so on, until all credits have been used or no tax
12liability for the given year remains. Any remaining unused
13credit or credits then will be carried forward to the next
14following year in which a tax liability is incurred, except
15that no credit can be carried forward to a year which is more
16than 5 years after the year in which the expense for which the
17credit is given was incurred.
18    No inference shall be drawn from this amendatory Act of the
1991st General Assembly in construing this Section for taxable
20years beginning before January 1, 1999.
21    (l) Environmental Remediation Tax Credit.
22        (i) For tax years ending after December 31, 1997 and on
23    or before December 31, 2001, a taxpayer shall be allowed a
24    credit against the tax imposed by subsections (a) and (b)
25    of this Section for certain amounts paid for unreimbursed
26    eligible remediation costs, as specified in this

 

 

HB2890- 31 -LRB098 10063 HLH 40222 b

1    subsection. For purposes of this Section, "unreimbursed
2    eligible remediation costs" means costs approved by the
3    Illinois Environmental Protection Agency ("Agency") under
4    Section 58.14 of the Environmental Protection Act that were
5    paid in performing environmental remediation at a site for
6    which a No Further Remediation Letter was issued by the
7    Agency and recorded under Section 58.10 of the
8    Environmental Protection Act. The credit must be claimed
9    for the taxable year in which Agency approval of the
10    eligible remediation costs is granted. The credit is not
11    available to any taxpayer if the taxpayer or any related
12    party caused or contributed to, in any material respect, a
13    release of regulated substances on, in, or under the site
14    that was identified and addressed by the remedial action
15    pursuant to the Site Remediation Program of the
16    Environmental Protection Act. After the Pollution Control
17    Board rules are adopted pursuant to the Illinois
18    Administrative Procedure Act for the administration and
19    enforcement of Section 58.9 of the Environmental
20    Protection Act, determinations as to credit availability
21    for purposes of this Section shall be made consistent with
22    those rules. For purposes of this Section, "taxpayer"
23    includes a person whose tax attributes the taxpayer has
24    succeeded to under Section 381 of the Internal Revenue Code
25    and "related party" includes the persons disallowed a
26    deduction for losses by paragraphs (b), (c), and (f)(1) of

 

 

HB2890- 32 -LRB098 10063 HLH 40222 b

1    Section 267 of the Internal Revenue Code by virtue of being
2    a related taxpayer, as well as any of its partners. The
3    credit allowed against the tax imposed by subsections (a)
4    and (b) shall be equal to 25% of the unreimbursed eligible
5    remediation costs in excess of $100,000 per site, except
6    that the $100,000 threshold shall not apply to any site
7    contained in an enterprise zone as determined by the
8    Department of Commerce and Community Affairs (now
9    Department of Commerce and Economic Opportunity). The
10    total credit allowed shall not exceed $40,000 per year with
11    a maximum total of $150,000 per site. For partners and
12    shareholders of subchapter S corporations, there shall be
13    allowed a credit under this subsection to be determined in
14    accordance with the determination of income and
15    distributive share of income under Sections 702 and 704 and
16    subchapter S of the Internal Revenue Code.
17        (ii) A credit allowed under this subsection that is
18    unused in the year the credit is earned may be carried
19    forward to each of the 5 taxable years following the year
20    for which the credit is first earned until it is used. The
21    term "unused credit" does not include any amounts of
22    unreimbursed eligible remediation costs in excess of the
23    maximum credit per site authorized under paragraph (i).
24    This credit shall be applied first to the earliest year for
25    which there is a liability. If there is a credit under this
26    subsection from more than one tax year that is available to

 

 

HB2890- 33 -LRB098 10063 HLH 40222 b

1    offset a liability, the earliest credit arising under this
2    subsection shall be applied first. A credit allowed under
3    this subsection may be sold to a buyer as part of a sale of
4    all or part of the remediation site for which the credit
5    was granted. The purchaser of a remediation site and the
6    tax credit shall succeed to the unused credit and remaining
7    carry-forward period of the seller. To perfect the
8    transfer, the assignor shall record the transfer in the
9    chain of title for the site and provide written notice to
10    the Director of the Illinois Department of Revenue of the
11    assignor's intent to sell the remediation site and the
12    amount of the tax credit to be transferred as a portion of
13    the sale. In no event may a credit be transferred to any
14    taxpayer if the taxpayer or a related party would not be
15    eligible under the provisions of subsection (i).
16        (iii) For purposes of this Section, the term "site"
17    shall have the same meaning as under Section 58.2 of the
18    Environmental Protection Act.
19    (m) Education expense credit. Beginning with tax years
20ending after December 31, 1999, a taxpayer who is the custodian
21of one or more qualifying pupils shall be allowed a credit
22against the tax imposed by subsections (a) and (b) of this
23Section for qualified education expenses incurred on behalf of
24the qualifying pupils. The credit shall be equal to 25% of
25qualified education expenses, but in no event may the total
26credit under this subsection claimed by a family that is the

 

 

HB2890- 34 -LRB098 10063 HLH 40222 b

1custodian of qualifying pupils exceed $500. In no event shall a
2credit under this subsection reduce the taxpayer's liability
3under this Act to less than zero. This subsection is exempt
4from the provisions of Section 250 of this Act.
5    For purposes of this subsection:
6    "Qualifying pupils" means individuals who (i) are
7residents of the State of Illinois, (ii) are under the age of
821 at the close of the school year for which a credit is
9sought, and (iii) during the school year for which a credit is
10sought were full-time pupils enrolled in a kindergarten through
11twelfth grade education program at any school, as defined in
12this subsection.
13    "Qualified education expense" means the amount incurred on
14behalf of a qualifying pupil in excess of $250 for tuition,
15book fees, and lab fees at the school in which the pupil is
16enrolled during the regular school year.
17    "School" means any public or nonpublic elementary or
18secondary school in Illinois that is in compliance with Title
19VI of the Civil Rights Act of 1964 and attendance at which
20satisfies the requirements of Section 26-1 of the School Code,
21except that nothing shall be construed to require a child to
22attend any particular public or nonpublic school to qualify for
23the credit under this Section.
24    "Custodian" means, with respect to qualifying pupils, an
25Illinois resident who is a parent, the parents, a legal
26guardian, or the legal guardians of the qualifying pupils.

 

 

HB2890- 35 -LRB098 10063 HLH 40222 b

1    (n) River Edge Redevelopment Zone site remediation tax
2credit.
3        (i) For tax years ending on or after December 31, 2006,
4    a taxpayer shall be allowed a credit against the tax
5    imposed by subsections (a) and (b) of this Section for
6    certain amounts paid for unreimbursed eligible remediation
7    costs, as specified in this subsection. For purposes of
8    this Section, "unreimbursed eligible remediation costs"
9    means costs approved by the Illinois Environmental
10    Protection Agency ("Agency") under Section 58.14a of the
11    Environmental Protection Act that were paid in performing
12    environmental remediation at a site within a River Edge
13    Redevelopment Zone for which a No Further Remediation
14    Letter was issued by the Agency and recorded under Section
15    58.10 of the Environmental Protection Act. The credit must
16    be claimed for the taxable year in which Agency approval of
17    the eligible remediation costs is granted. The credit is
18    not available to any taxpayer if the taxpayer or any
19    related party caused or contributed to, in any material
20    respect, a release of regulated substances on, in, or under
21    the site that was identified and addressed by the remedial
22    action pursuant to the Site Remediation Program of the
23    Environmental Protection Act. Determinations as to credit
24    availability for purposes of this Section shall be made
25    consistent with rules adopted by the Pollution Control
26    Board pursuant to the Illinois Administrative Procedure

 

 

HB2890- 36 -LRB098 10063 HLH 40222 b

1    Act for the administration and enforcement of Section 58.9
2    of the Environmental Protection Act. For purposes of this
3    Section, "taxpayer" includes a person whose tax attributes
4    the taxpayer has succeeded to under Section 381 of the
5    Internal Revenue Code and "related party" includes the
6    persons disallowed a deduction for losses by paragraphs
7    (b), (c), and (f)(1) of Section 267 of the Internal Revenue
8    Code by virtue of being a related taxpayer, as well as any
9    of its partners. The credit allowed against the tax imposed
10    by subsections (a) and (b) shall be equal to 25% of the
11    unreimbursed eligible remediation costs in excess of
12    $100,000 per site.
13        (ii) A credit allowed under this subsection that is
14    unused in the year the credit is earned may be carried
15    forward to each of the 5 taxable years following the year
16    for which the credit is first earned until it is used. This
17    credit shall be applied first to the earliest year for
18    which there is a liability. If there is a credit under this
19    subsection from more than one tax year that is available to
20    offset a liability, the earliest credit arising under this
21    subsection shall be applied first. A credit allowed under
22    this subsection may be sold to a buyer as part of a sale of
23    all or part of the remediation site for which the credit
24    was granted. The purchaser of a remediation site and the
25    tax credit shall succeed to the unused credit and remaining
26    carry-forward period of the seller. To perfect the

 

 

HB2890- 37 -LRB098 10063 HLH 40222 b

1    transfer, the assignor shall record the transfer in the
2    chain of title for the site and provide written notice to
3    the Director of the Illinois Department of Revenue of the
4    assignor's intent to sell the remediation site and the
5    amount of the tax credit to be transferred as a portion of
6    the sale. In no event may a credit be transferred to any
7    taxpayer if the taxpayer or a related party would not be
8    eligible under the provisions of subsection (i).
9        (iii) For purposes of this Section, the term "site"
10    shall have the same meaning as under Section 58.2 of the
11    Environmental Protection Act.
12(Source: P.A. 96-115, eff. 7-31-09; 96-116, eff. 7-31-09;
1396-937, eff. 6-23-10; 96-1000, eff. 7-2-10; 96-1496, eff.
141-13-11; 97-2, eff. 5-6-11; 97-636, eff. 6-1-12; 97-905, eff.
158-7-12.)
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.