Senate Sponsors: SIEBEN. 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, 1998. 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. Last action on Bill: SESSION SINE DIE Last action date: 99-01-12 Location: Senate Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0 END OF INQUIRY Full Text Bill Status