Illinois 2023-2024 Regular Session

Illinois House Bill HB5668 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 HB5668 Introduced , by Rep. Kevin Schmidt SYNOPSIS AS INTRODUCED: 35 ILCS 5/241 new Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who open and operate a supermarket or grocery store in a food desert community designated by the Department of Commerce and Economic Opportunity. Provides that the credit shall be in an amount equal to the total amount the taxpayer is assessed in property taxes for the location at which the supermarket or grocery store is located during the full taxable year that the supermarket or grocery store is open for business to the public. Effective immediately. LRB103 39542 HLH 69776 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5668 Introduced , by Rep. Kevin Schmidt SYNOPSIS AS INTRODUCED: 35 ILCS 5/241 new 35 ILCS 5/241 new Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who open and operate a supermarket or grocery store in a food desert community designated by the Department of Commerce and Economic Opportunity. Provides that the credit shall be in an amount equal to the total amount the taxpayer is assessed in property taxes for the location at which the supermarket or grocery store is located during the full taxable year that the supermarket or grocery store is open for business to the public. Effective immediately. LRB103 39542 HLH 69776 b LRB103 39542 HLH 69776 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5668 Introduced , by Rep. Kevin Schmidt SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/241 new 35 ILCS 5/241 new
4	4	35 ILCS 5/241 new
5	5	Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who open and operate a supermarket or grocery store in a food desert community designated by the Department of Commerce and Economic Opportunity. Provides that the credit shall be in an amount equal to the total amount the taxpayer is assessed in property taxes for the location at which the supermarket or grocery store is located during the full taxable year that the supermarket or grocery store is open for business to the public. Effective immediately.
6	6	LRB103 39542 HLH 69776 b LRB103 39542 HLH 69776 b
7	7	LRB103 39542 HLH 69776 b
8	8	A BILL FOR
9	9	HB5668LRB103 39542 HLH 69776 b HB5668 LRB103 39542 HLH 69776 b
10	10	HB5668 LRB103 39542 HLH 69776 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 241 as follows:
16	16	6 (35 ILCS 5/241 new)
17	17	7 Sec. 241. Food desert elimination credit.
18	18	8 (a) By July 1, 2024, the Department of Commerce and
19	19	9 Economic Opportunity shall designate not more than 75 separate
20	20	10 geographic areas throughout the State as food desert
21	21	11 communities. The Department of Commerce and Economic
22	22	12 Opportunity shall develop criteria for the designation of food
23	23	13 desert communities, but each separate food desert community
24	24	14 shall consist of a distinct geographic area with a single
25	25	15 defined border. The criteria shall, at a minimum, incorporate
26	26	16 analysis of the following:
27	27	17 (1) municipal or census tract population size and
28	28	18 population density;
29	29	19 (2) municipal or census tract poverty statistics;
30	30	20 (3) food desert information from the United States
31	31	21 Department of Agriculture's Economic Research Service; and
32	32	22 (4) healthier food retail tract information from the
33	33	23 federal Centers for Disease Control and Prevention.
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB5668 Introduced , by Rep. Kevin Schmidt SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/241 new 35 ILCS 5/241 new
39	39	35 ILCS 5/241 new
40	40	Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who open and operate a supermarket or grocery store in a food desert community designated by the Department of Commerce and Economic Opportunity. Provides that the credit shall be in an amount equal to the total amount the taxpayer is assessed in property taxes for the location at which the supermarket or grocery store is located during the full taxable year that the supermarket or grocery store is open for business to the public. Effective immediately.
41	41	LRB103 39542 HLH 69776 b LRB103 39542 HLH 69776 b
42	42	LRB103 39542 HLH 69776 b
43	43	A BILL FOR
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68	68	1 (b) For taxable years beginning on and after January 1,
69	69	2 2025 and beginning prior to January 1, 2029, the first
70	70	3 taxpayer to open and operate a supermarket or grocery store in
71	71	4 a food desert community on or after the date the food desert
72	72	5 community is established under subsection (a) is entitled to a
73	73	6 credit against the taxes imposed by subsections (a) and (b) of
74	74	7 Section 201 in an amount equal to the total amount the taxpayer
75	75	8 is assessed in property taxes for the location at which the
76	76	9 supermarket or grocery store is located during the full
77	77	10 taxable year that the supermarket or grocery store is open for
78	78	11 business to the public.
79	79	12 (c) In no event shall a credit under this Section reduce a
80	80	13 taxpayer's liability to less than zero. If the amount of
81	81	14 credit exceeds the tax liability for the year, the excess may
82	82	15 be carried forward and applied to the tax liability for the 5
83	83	16 taxable years following the excess credit year. The tax credit
84	84	17 shall be applied to the earliest year for which there is a tax
85	85	18 liability. If there are credits for more than one year that are
86	86	19 available to offset liability, the earlier credit shall be
87	87	20 applied first.
88	88	21 (d) For partners and shareholders of Subchapter S
89	89	22 corporations, there shall be allowed a credit under this
90	90	23 Section to be determined in accordance with Section 251.
91	91	24 (e) As used in this Section:
92	92	25 "Food desert community" means a physically contiguous area
93	93	26 in the State in which residents have limited access to
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104	104	1 nutritious foods, such as fresh fruits and vegetables, through
105	105	2 supermarkets and grocery stores.
106	106	3 "Supermarket or grocery store" means a retail facility of
107	107	4 at least 18,000 square feet, of which at least 90% is occupied
108	108	5 by a full-service supermarket or grocery store.
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