HB3500 95TH GENERAL ASSEMBLY

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95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB3500

Introduced 2/28/2007, by Rep. Elga L. Jefferies

SYNOPSIS AS INTRODUCED:

35 ILCS 5/218 new

Amends the Illinois Income Tax Act. Creates a tax credit for taxpayers who construct or renovate a building in the State that obtains a LEED certification. Provides that the credit is in an amount equal to the cost of the construction or renovation that is attributable to obtaining that certification. Provides that the credit may be carried forward for 5 years. Exempts the credit from the Act's sunset provisions. Effective immediately.

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 218 as follows:

(35 ILCS 5/218 new)

Sec. 218. Green building construction credit.

(a) For taxable years ending on or after December 31, 2007, each taxpayer who constructs or renovates a building in the State that obtains a LEED certification is entitled to a credit against the tax imposed under subsections (a) and (b) of Section 201 in an amount equal to the cost of the construction or renovation that is attributable to obtaining that certification.

(b) For the purposes of this Section, "LEED certification" means a certification under the Leadership in Energy and Environmental Design program operated by the United States Green Building Council.

(c) For partners, shareholders of Subchapter S corporations, and owners of limited liability companies, if the liability company is treated as a partnership for purposes of federal and State income taxation, there is allowed a credit under this Section to be determined in accordance with the determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code.

(d) The credit may not be carried back. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset a liability, the earlier credit shall be applied first.

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

Section 99. Effective date. This Act takes effect upon becoming law.