[ Search ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
91_HB2208
LRB9104561PTpk
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. Conservation easement tax credit. For taxable
9 years beginning on or after January 1, 1999, a taxpayer is
10 entitled to a credit against the taxes imposed by subsections
11 (a) and (b) of Section 201 in an amount equal to the fair
12 market value, as determined by the Department of Agriculture,
13 of a conservation easement granted by the taxpayer under
14 Article II of the Illinois Conservation Enhancement Act. If
15 the amount of a credit exceeds the tax liability for the
16 year, then the excess may be carried forward and applied to
17 the tax liability of the 3 taxable years following the excess
18 credit year. A credit must be applied to the earliest year
19 for which there is a tax liability. If there are credits
20 from more than one taxable year that are available to offset
21 a liability, then the earlier credit must be applied first.
22 This Section is exempt from the provisions of Section 250.
23 Section 99. Effective date. This Act takes effect upon
24 becoming law.