State of Illinois
91st General Assembly

   [ Search ]   [ Legislation ]
[ Home ]   [ Back ]   [ Bottom ]



 1        AN ACT to amend the Illinois Income  Tax  Act  by  adding
 2    Section 212.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5        Section 5.  The Illinois Income Tax  Act  is  amended  by
 6    adding Section 212 as follows:

 7        (35 ILCS 5/212 new)
 8        Sec. 212.  Airport soundproofing tax credit.
 9        (a)  For  taxable  years 2000 through 2004, each taxpayer
10    who owns property in an airport noise zone is entitled  to  a
11    credit  against the tax imposed by subsections (a) and (b) of
12    Section 201 in an amount equal to 5% of the amount  spent  by
13    the  taxpayer, up to $10,000 in a taxable year, to soundproof
14    that property.  The tax credit may not reduce the  taxpayer's
15    liability to less than zero.
16        (b)  If   the  amount  of  the  credit  exceeds  the  tax
17    liability for the year, the excess may be carried forward and
18    applied to the tax liability of the 5 taxable years following
19    the excess credit year.  The credit shall be applied  to  the
20    earliest  year  for which there is a tax liability.  If there
21    are credits from more than one tax year that are available to
22    offset a liability,  the  earlier  credit  shall  be  applied
23    first.
24        (c)  In this Section, "Airport noise zone" means all real
25    estate  impacted  by  noise  emanating  from aircraft that is
26    greater than 65 LDN, as determined (i)  by  the  most  recent
27    noise   contour   map   approved   by  the  Federal  Aviation
28    Administration or (ii) by any data, compiled by  the  use  of
29    noise  monitoring equipment, that is collected and filed with
30    the assessor or chief assessment officer by a municipality, a
31    township, or a commission authorized by an inter-governmental
                            -2-                LRB9112825SMdv
 1    agreement.

 2        Section 99.  Effective date.  This Act takes effect  upon
 3    becoming law.

[ Top ]