State of Illinois
92nd General Assembly

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 1        AN ACT concerning taxation.

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

 4        Section  5.   The  Illinois  Income Tax Act is amended by
 5    adding Section 213 as follows:

 6        (35 ILCS 5/213 new)
 7        Sec. 213.  Natural gas consumer  tax  credit.   Beginning
 8    with  taxable  years ending on or after December 31, 2001 and
 9    ending with taxable years ending before December 31, 2006,  a
10    taxpayer  is  entitled to a credit against the tax imposed by
11    subsections (a) and (b) of Section 201 in an amount equal  to
12    the amount paid in the taxable year by the taxpayer for taxes
13    assessed on natural gas bills.
14        If the amount of the credit exceeds the tax liability for
15    the  year,  the  excess may be carried forward and applied to
16    the tax liability of the 2 taxable years following the excess
17    credit year.  The credit shall be  applied  to  the  earliest
18    year  for  which  there  is  a  tax  liability.  If there are
19    credits from more than one tax year  that  are  available  to
20    offset  a  liability,  the  earlier  credit  shall be applied
21    first.

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