Synopsis As Introduced Creates the Efficient and Green Illinois Tax Credit Act. Authorizes the Department of Commerce and Economic Opportunity to award income tax credits based on 25% of the cost of qualifying expenditures for energy efficient projects, such as solar energy equipment, Energy Star certified heat pumps, lighting retrofit projects, and wind equipment. Authorizes the Department to adopt rules. Provides that the credit may be carried forward for up to 5 taxable years. Amends the Illinois Income Tax Act to make conforming changes. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.
Senate Committee Amendment No. 1 Provides that the term "energy efficiency project" includes projects related to green roofs and other environmentally sustainable landscaping.
Senate Floor Amendment No. 2 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Provides that the term "energy efficiency project" also includes projects related to (i) green roofs and other environmentally sustainable landscaping and (ii) WaterSense certified products for indoor and outdoor non-agricultural water use. Removes language from the introduced bill providing that, for clean energy property that is leased by the taxpayer, "cost" is defined as 8 times the net annual rental rate for the property. Provides that the credit shall be awarded for the taxable year in which the project is put into service (instead of the taxable year in which the expenditure is made). Provides that the Department may not approve more than $40,000,000 in credits under this Act in any one taxable year. Effective immediately.