97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
Introduced 2/16/2012, by Rep. Sandy Cole
SYNOPSIS AS INTRODUCED:
Amends the Illinois Income Tax Act. Provides for a credit for
taxpayers who, during the taxable year, install, on a building or property
that is owned by the taxpayer and that is located in the State, a
geothermal energy device and sets the amount of the credit at the lesser of
(i) $5,000 or (ii) 50% of the actual cost of the acquisition and
installation of the device. Provides that the credit may not be carried
forward or back and may not reduce the taxpayer's liability to less than
zero. Effective immediately.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Income Tax Act is amended by adding
Section 223 as follows:
(35 ILCS 5/223 new)
Credit for geothermal energy devices.
(a) For taxable years ending on or after December 31, 2012
through taxable years ending on or before December 30, 2017,
each taxpayer who, during the taxable year, installs, on a
building or property that is owned by the taxpayer and that is
located in the State, a geothermal energy device is entitled to
a credit against the tax imposed under subsection (a) and (b)
of Section 201 in an amount equal to the lesser of (i) $5,000
or (ii) 50% of the actual cost of the acquisition and
installation of the device.
(b) For the purposes of this Section:
"Geothermal energy device" means a system or mechanism or
series of mechanisms designed to provide heating or cooling or
to produce electrical or mechanical power, or any combination
of these, by a method that extracts or converts the energy
naturally occurring beneath the earth's surface in rock
structures, water, or steam.