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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB2287
Introduced 2/18/2009, by Rep. Dan Reitz SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Authorizes a credit to taxpayers in an amount equal to the expenditures by the taxpayer for radon testing and mitigation during the taxable year. Provides that the credit may not exceed $250 per building per year. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB2287 |
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LRB096 09850 RCE 20013 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by adding |
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| Section 218 as follows:
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| (35 ILCS 5/218 new) |
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| Sec. 218. Credit for radon testing and mitigation. |
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| (a) For each taxable year ending on or after December 31, |
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| 2009, each taxpayer is entitled to a credit against the tax |
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| imposed by subsections (a) and (b) of Section 201 of this Act |
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| in an amount equal to the expenditures by the taxpayer for |
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| radon testing and mitigation during the taxable year. The |
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| credit may not exceed $250 per building per year. For partners, |
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| shareholders of Subchapter S corporations, and owners of |
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| limited liability companies, if the liability company is |
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| treated as a partnership for purposes of federal and State |
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| income taxation, there shall be allowed a credit under this |
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| Section to be determined in accordance with the determination |
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| of income and distributive share of income under Sections 702 |
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| and 704 and Subchapter S of the Internal Revenue Code. |
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| (b) In no event shall a credit under this Section reduce |
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| the taxpayer's liability to less than zero. If the amount of |
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| the credit exceeds the tax liability for the year, the excess |