90th General Assembly
Summary of HB1116
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Short description: 
INC TX CR-BIODEGRADABLE MTLS                                               

Synopsis of Bill as introduced:
        Amends the Civil Administrative Code of Illinois and the Illinois      
   Income Tax Act.  Creates an income tax credit for corporations  in  an      
   amount  equal to 5% of the amounts spent by the corporation during the      
   taxable year on  biodegradable  materials  made  of  corn  or  soybean      
   products.   Provides  that  the  credit  may  be carried forward for 5      
   years.  Provides  that  in  no  event  shall  the  credit  reduce  the      
   corporation's  tax  liability to below zero.  Provides that the credit      
   applies to tax years beginning on or after January 1,  1997.   Sunsets      
   the  credit  after 5 years. Requires the Department of Agriculture, in      
   cooperation with the Department of Revenue, to study the effect of the      
   credit on the corn-based  and  soybean-based  biodegradable  materials      
   markets at the end of the 5-year period.  Effective immediately.            
        HOUSE AMENDMENT NO. 1.                                                 
        Provides that the tax credit shall be available for biocomposite,      
   as well as biodegradable, materials.                                        
        HOUSE AMENDMENT NO. 2.                                                 
        Provides  that  the  Department  of  Revenue,  rather  than   the      
   Department  of  Agriculture,  shall, by rule, determine what materials      
   qualify as biodegradable and biocomposite materials.                        
        SENATE AMENDMENT NO. 1.                                                
          Deletes reference to:                                                
          20 ILCS 205/40.30 new                                                
          35 ILCS 5/211 new                                                    
          Adds reference to:                                                   
          New Act                         from Ch. 67 1/2, par. 404            
          320 ILCS 25/4                                                        
        Deletes  everything.   Creates   the   Illinois   Farm   Economic      
   Development  and  Renewable  Fuel  Act.  Provides that the Director of      
   Agriculture shall make  cash  payments  to  certain  grain  processing      
   centers at which ethyl alcohol is produced by fermenting corn or other      
   organic  materials.  Provides that the Director shall make payments to      
   processors  of  corn  for  electricity  generated  using   closed-loop      
   biomass,  coal methane gas from abandoned mines, or methane from waste      
   disposal in a cogeneration facility serving  a  processing  center  or      
   associated  industry  in  this  State.   Provides that the Act expires      
   December 31, 2005.  Amends the Senior Citizens  and  Disabled  Persons      
   Property  Tax  Relief  and  Pharmaceutical Assistance Act.  Conditions      
   eligibility for a grant  on  annual  household  income  of  less  than      
   $16,000  for  grant  year 1997 and thereafter (now $14,000).  Provides      
   that in no event is  the  grant  to  exceed  (1)  $700  less  4.5%  of      
   household  income  for  the  year if the household income is less than      
   $14,000 or (2) $70 if the household income for that year is $14,000 or      
   more but less than $16,000 (now may  not  exceed  $700  less  4.5%  of      
   household income for that year). Effective January 1, 1998.                 
Last action on Bill: SESSION SINE DIE

   Last action date: 99-01-12

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   2     SENATE -   1


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