Illinois General Assembly - Full Text of SB3212
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Full Text of SB3212  97th General Assembly

SB3212sam001 97TH GENERAL ASSEMBLY

Sen. James F. Clayborne, Jr.

Filed: 2/28/2012

 

 


 

 


 
09700SB3212sam001LRB097 18868 HLH 65721 a

1
AMENDMENT TO SENATE BILL 3212

2    AMENDMENT NO. ______. Amend Senate Bill 3212 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Income Tax Act is amended by
5adding Section 223 as follows:
 
6    (35 ILCS 5/223 new)
7    Sec. 223. Brownfield remediation tax credit.
8    (a) For taxable years beginning on or after January 1,
92012, qualified taxpayers that undertake one or more eligible
10projects during the taxable year may apply with the Department
11to obtain a tax credit against the tax imposed under
12subsections (a) and (b) of Section 201 of this Act. The credit
13may not exceed 100% of the eligible project costs incurred by
14the taxpayer during the taxable year. The taxpayer shall be
15eligible to receive a certificate for 75% of the amount of the
16credit awarded beginning in the taxable year in which the

 

 

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1application is approved and the eligible project costs have
2been incurred. Except as otherwise provided in this Section
3with respect to asbestos abatement and lead abatement, the
4taxpayer may receive a certificate for the remaining 25% of the
5credits awarded upon receipt of a "No Further Remediation"
6determination from the Illinois Environmental Protection
7Agency. For expenses associated with asbestos abatement, the
8taxpayer may receive a certificate for the remaining 25% of the
9credits awarded upon receipt of a closure report certified by
10an independent, third-party asbestos air sampling professional
11licensed in the State of Illinois. For expenses associated with
12lead abatement, the taxpayer may receive a certificate for the
13remaining 25% of the credits awarded upon receipt of a closure
14report certified by an independent, third-party lead risk
15assessor licensed in the State of Illinois.
16     The Department shall distribute the tax credits equitably
17throughout all geographic regions of the State. The taxpayer
18may sell, transfer, or assign credits awarded under this
19Section to other taxpayers or to nonprofit entities, and the
20credits may be sold, transferred or assigned more than one time
21by any taxpayer or nonprofit entity. The credits may be
22bifurcated to be sold, transferred, or assigned to more than
23one party. The credits are not subject to recapture. If credits
24that have been sold are subsequently reduced, adjusted, or
25cancelled, in whole or in part, by the Department or any other
26applicable agency, only the original qualified taxpayer that

 

 

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1was awarded the credits, and not any purchaser of the credits,
2shall be liable to repay the amount of such reduction,
3adjustment, or cancellation of the credits.
4    (b) The tax credit may not reduce the taxpayer's liability
5to less than zero. If the amount of the tax credit exceeds the
6tax liability for the year, the excess may be carried forward
7and applied to the tax liability of the 5 taxable years
8following the excess credit year. The credit must be applied to
9the earliest year for which there is a tax liability. If there
10are credits from more than one tax year that are available to
11offset a liability, then the earlier credit must be applied
12first.
13    (c) For the purposes of this Section:
14        "Department" means the Department of Commerce and
15    Economic Opportunity;
16        "Eligible project" means the remodeling,
17    rehabilitation, modernization, or remediation of abandoned
18    or underutilized property located in the State that is
19    contaminated with hazardous substances, petroleum
20    products, asbestos, or lead-based paint, or a combination
21    of those factors, at the time the property is purchased by
22    the taxpayer. The project site must be enrolled in the
23    Illinois Environmental Protection Agency's Site
24    Remediation Program, and the project must be approved by
25    the municipality and the county in which the site is
26    located. The taxpayer must demonstrate that the project

 

 

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1    will create at least 10 new jobs, retain 25 jobs, or a
2    combination thereof.
3        "Eligible project costs" include, but are not limited
4    to, costs associated with site assessment and
5    investigation; soil, groundwater, and surface water
6    remediation; asbestos and lead-based paint surveys and
7    abatement; documentation and reporting necessary to meet
8    environmental regulations and obtain closure documentation
9    from the State.
10        "Qualified taxpayer" means a taxpayer that meets all of
11    the following criteria:
12            (1) the taxpayer is the owner of the site on which
13        the eligible project will occur;
14            (2) the taxpayer must be current on all taxes
15        imposed by the State at the time of the application and
16        must have no criminal record; and
17            (3) the taxpayer must not be the party responsible
18        for the contamination.
19    (d) This Section is exempt from the provisions of Section
20250.
 
21    Section 99. Effective date. This Act takes effect upon
22becoming law.".