Illinois 2023-2024 Regular Session

Illinois Senate Bill SB2998 Compare Versions

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

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2998 Introduced 2/2/2024, by Sen. Jil Tracy SYNOPSIS AS INTRODUCED: 35 ILCS 5/241 new Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who make an investment in depreciable property used primarily to collect or process reclaimable material or to manufacture products from reclaimed material. Sets forth the amount of the credit. Effective immediately. LRB103 38049 HLH 68181 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2998 Introduced 2/2/2024, by Sen. Jil Tracy 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 make an investment in depreciable property used primarily to collect or process reclaimable material or to manufacture products from reclaimed material. Sets forth the amount of the credit. Effective immediately. LRB103 38049 HLH 68181 b LRB103 38049 HLH 68181 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2998 Introduced 2/2/2024, by Sen. Jil Tracy 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 make an investment in depreciable property used primarily to collect or process reclaimable material or to manufacture products from reclaimed material. Sets forth the amount of the credit. Effective immediately.
6	6	LRB103 38049 HLH 68181 b LRB103 38049 HLH 68181 b
7	7	LRB103 38049 HLH 68181 b
8	8	A BILL FOR
9	9	SB2998LRB103 38049 HLH 68181 b SB2998 LRB103 38049 HLH 68181 b
10	10	SB2998 LRB103 38049 HLH 68181 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. Reclaimable material.
18	18	8 (a) For taxable years beginning on or after January 1,
19	19	9 2025, a taxpayer who makes an investment in depreciable
20	20	10 property used primarily to collect or process reclaimable
21	21	11 material or to manufacture products from reclaimed material is
22	22	12 entitled to a credit against the taxes imposed by subsections
23	23	13 (a) and (b) of Section 201 as provided in this Section. The
24	24	14 amount of the credit shall be as follows:
25	25	15 (1) 25% of the cost of the property on the first
26	26	16 $250,000 invested;
27	27	17 (2) 15% of the cost of the property on the next
28	28	18 $250,000 invested; and
29	29	19 (3) 5% of the cost of the property on the next $500,000
30	30	20 invested.
31	31	21 A credit may not be claimed for investments in depreciable
32	32	22 property in excess of $1,000,000.
33	33	23 (b) In no event shall a credit under this Section reduce
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB2998 Introduced 2/2/2024, by Sen. Jil Tracy 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 make an investment in depreciable property used primarily to collect or process reclaimable material or to manufacture products from reclaimed material. Sets forth the amount of the credit. Effective immediately.
41	41	LRB103 38049 HLH 68181 b LRB103 38049 HLH 68181 b
42	42	LRB103 38049 HLH 68181 b
43	43	A BILL FOR
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49	49	35 ILCS 5/241 new
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53	53	LRB103 38049 HLH 68181 b
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66	66	SB2998- 2 -LRB103 38049 HLH 68181 b SB2998 - 2 - LRB103 38049 HLH 68181 b
67	67	SB2998 - 2 - LRB103 38049 HLH 68181 b
68	68	1 the taxpayer's liability to less than zero. If the amount of
69	69	2 the credit exceeds the tax liability for the year, the excess
70	70	3 may be carried forward and applied to the tax liability of the
71	71	4 5 taxable years following the excess credit year. The tax
72	72	5 credit shall be applied to the earliest year for which there is
73	73	6 a tax liability. If there are credits for more than one year
74	74	7 that are available to offset a liability, the earlier credit
75	75	8 shall be applied first.
76	76	9 (c) If the taxpayer is a partnership, a Subchapter S
77	77	10 corporation, or a limited liability company that has elected
78	78	11 partnership tax treatment, the credit shall be allowed to the
79	79	12 partners, shareholders, or members in accordance with the
80	80	13 determination of income and distributive share of income under
81	81	14 Sections 702 and 704 and subchapter S of the Internal Revenue
82	82	15 Code, as applicable.
83	83	16 (d) This Section is exempt from the provisions of Section
84	84	17 250.
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90	90	SB2998 - 2 - LRB103 38049 HLH 68181 b