HB4927 101ST GENERAL ASSEMBLY

LRB101 17967 HLH 67403 b

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.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 232 as follows:

(35 ILCS 5/232 new)

Sec. 232. Pollinator-friendly solar site credit.

(a) For taxable years ending on or after December 31, 2020, the owner of a pollinator-friendly solar site designated under the Pollinator-Friendly Solar Site Act is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 in the amount of $250 per taxable year.

(b) The credit or credits may not reduce the taxpayer's liability to less than zero. If the amount of the credit or credits exceeds the taxpayer's liability, the excess may be carried forward and applied against the taxpayer's liability for the next 5 succeeding calendar years. The credit or credits shall be applied to the earliest year for which there is a tax liability. If there are credits from more than one taxable year that are available to offset a liability, the earlier credit shall be applied first.

(c) This Section is exempt from the provisions of Section 250.