Illinois 2023-2024 Regular Session

Illinois House Bill HB2221 Compare Versions

Only one version of the bill is available at this time.

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1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2221 Introduced , by Rep. Mary E. Flowers SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who have an approved NFPA 13D residential fire sprinkler system installed in a new or existing residential dwelling in the State during the taxable year. Provides that the credit shall be in an amount equal to 50% of the total cost of the installation but not to exceed $10,000 per taxpayer in any taxable year. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately. LRB103 05899 HLH 56383 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2221 Introduced , by Rep. Mary E. Flowers SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who have an approved NFPA 13D residential fire sprinkler system installed in a new or existing residential dwelling in the State during the taxable year. Provides that the credit shall be in an amount equal to 50% of the total cost of the installation but not to exceed $10,000 per taxpayer in any taxable year. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately. LRB103 05899 HLH 56383 b LRB103 05899 HLH 56383 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2221 Introduced , by Rep. Mary E. Flowers SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/234 new 35 ILCS 5/234 new
4	4	35 ILCS 5/234 new
5	5	Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who have an approved NFPA 13D residential fire sprinkler system installed in a new or existing residential dwelling in the State during the taxable year. Provides that the credit shall be in an amount equal to 50% of the total cost of the installation but not to exceed $10,000 per taxpayer in any taxable year. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.
6	6	LRB103 05899 HLH 56383 b LRB103 05899 HLH 56383 b
7	7	LRB103 05899 HLH 56383 b
8	8	A BILL FOR
9	9	HB2221LRB103 05899 HLH 56383 b HB2221 LRB103 05899 HLH 56383 b
10	10	HB2221 LRB103 05899 HLH 56383 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 adding Section 234 as follows:
16	16	6 (35 ILCS 5/234 new)
17	17	7 Sec. 234. Residential fire sprinkler installation credit.
18	18	8 (a) For taxable years ending on or after December 31,
19	19	9 2023, each taxpayer who has an approved NFPA 13D residential
20	20	10 fire sprinkler system installed by a licensed fire sprinkler
21	21	11 contractor in a new or existing residential dwelling in the
22	22	12 State during the taxable year is entitled to a credit against
23	23	13 the taxes imposed by subsections (a) and (b) of Section 201 in
24	24	14 an amount equal to 50% of the total cost of the installation
25	25	15 but not to exceed $10,000 per taxpayer in any taxable year.
26	26	16 (b) The taxpayer shall provide to the Department a copy of
27	27	17 the final invoice showing the total cost of the installation
28	28	18 of the fire sprinkler system. The invoice shall include the
29	29	19 following:
30	30	20 (1) the water main tap fee, if required;
31	31	21 (2) fees and costs for combined sprinkler and domestic
32	32	22 water service;
33	33	23 (3) costs associated with installing, modifying, or
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2221 Introduced , by Rep. Mary E. Flowers SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/234 new 35 ILCS 5/234 new
39	39	35 ILCS 5/234 new
40	40	Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who have an approved NFPA 13D residential fire sprinkler system installed in a new or existing residential dwelling in the State during the taxable year. Provides that the credit shall be in an amount equal to 50% of the total cost of the installation but not to exceed $10,000 per taxpayer in any taxable year. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.
41	41	LRB103 05899 HLH 56383 b LRB103 05899 HLH 56383 b
42	42	LRB103 05899 HLH 56383 b
43	43	A BILL FOR
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49	49	35 ILCS 5/234 new
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68	68	1 upgrading piping and valves; and
69	69	2 (4) all other installation and testing fees.
70	70	3 (c) In no event shall a credit under this Section reduce
71	71	4 the taxpayer's liability to less than zero. If the amount of
72	72	5 the credit exceeds the tax liability for the year, the excess
73	73	6 may be carried forward and applied to the tax liability of the
74	74	7 five taxable years following the excess credit year. The tax
75	75	8 credit shall be applied to the earliest year for which there is
76	76	9 a tax liability. If there are credits for more than one year
77	77	10 that are available to offset a liability, the earlier credit
78	78	11 shall be applied first.
79	79	12 (d) As used in this Section, "approved NFPA 13D
80	80	13 residential fire sprinkler system" means a residential fire
81	81	14 sprinkler system that meets the requirements of NFPA 13D
82	82	15 standards established by the National Fire Protection
83	83	16 Association for one-family and 2-family residential dwellings.
84	84	17 (e) This Section is exempt from the provisions of Section
85	85	18 250.
86	86	19 Section 99. Effective date. This Act takes effect upon
87	87	20 becoming law.
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93	93	HB2221 - 2 - LRB103 05899 HLH 56383 b