Illinois General Assembly - Full Text of HB0393
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Full Text of HB0393  102nd General Assembly

HB0393 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0393

 

Introduced 2/8/2021, by Rep. Martin J. Moylan

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/232 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 acoustical materials, other 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; however, 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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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0393LRB102 03940 HLH 13956 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 232 as follows:
 
6    (35 ILCS 5/232 new)
7    Sec. 232. Credit for soundproofing of residential homes.
8    (a) For taxable years ending on or after December 31,
92021, each taxpayer is entitled to a credit, not exceeding
10$8,000, against the tax imposed under subsections (a) and (b)
11of Section 201 in an amount equal to the amount paid by the
12taxpayer during the taxable year for the purpose of purchasing
13acoustical materials, other materials, labor, and professional
14services to soundproof a residential home located at an
15eligible address against aircraft noise generated by an
16airport governed by the provisions of the Permanent Noise
17Monitoring Act. In order to be eligible for the credit under
18this Section, the soundproofing work must be carried out in
19accordance with the requirements of the Illinois Residential
20Building Code Act.
21    (b) In no event shall a credit under this Section reduce a
22taxpayer's liability to less than zero. If the amount of
23credit exceeds the tax liability for the year, the excess may

 

 

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1be carried forward and applied to the tax liability for the 5
2taxable years following the excess credit year. The tax credit
3shall be applied to the earliest year for which there is a tax
4liability. If there are credits for more than one year that are
5available to offset liability, the earlier credit shall be
6applied first.
7    (c) For the purposes of this Section, an "eligible
8address" means any address located (i) within the 65 DNL
9Build-out Contour for O'Hare International Airport, as defined
10by rules adopted by the Federal Aviation Administration, (ii)
11within an alternative 65 CNEL Build-out Contour for O'Hare
12International Airport, with CNEL units as defined in
13subsection (a-3) of Section 5 of the Permanent Noise
14Monitoring Act, or (iii) not more than 20 miles east or west
15and not more than 3 miles north or south of an airport runway
16aligned in an east-west direction and located at O'Hare
17International Airport.
18    (d) This Section is exempt from the provisions of Section
19250.
 
20    Section 99. Effective date. This Act takes effect upon
21becoming law.