Illinois General Assembly - Full Text of HB4396
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Full Text of HB4396  99th General Assembly

HB4396 99TH GENERAL ASSEMBLY

  
  

 


 
99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB4396

 

Introduced , by Rep. Christine Winger

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/224 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 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

 

HB4396LRB099 16488 HLH 40823 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 adding
5Section 224 as follows:
 
6    (35 ILCS 5/224 new)
7    Sec. 224. Credit for soundproofing of residential homes.
8    (a) For taxable years ending on or after December 31, 2016,
9each taxpayer is entitled to a credit against the tax imposed
10under subsections (a) and (b) of Section 201 in an amount equal
11to the amount paid by the taxpayer during the taxable year for
12the purpose of purchasing acoustical materials, other
13materials, labor, and professional services to soundproof a
14residential home against aircraft noise generated by an airport
15governed by the provisions of the Permanent Noise Monitoring
16Act. In order to be eligible for the credit under this Section,
17the soundproofing work must be carried out in accordance with
18the requirements of the Illinois Residential Building Code Act.
19    (b) In no event shall a credit under this Section reduce a
20taxpayer's liability to less than zero. If the amount of credit
21exceeds the tax liability for the year, the excess may be
22carried forward and applied to the tax liability for the 5
23taxable years following the excess credit year. The tax credit

 

 

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1shall be applied to the earliest year for which there is a tax
2liability. If there are credits for more than one year that are
3available to offset liability, the earlier credit shall be
4applied first.
5    (c) This Section is exempt from the provisions of Section
6250.
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.