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91_SB1625
LRB9112825SMdv
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 212.
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 212 as follows:
7 (35 ILCS 5/212 new)
8 Sec. 212. Airport soundproofing tax credit.
9 (a) For taxable years 2000 through 2004, each taxpayer
10 who owns property in an airport noise zone is entitled to a
11 credit against the tax imposed by subsections (a) and (b) of
12 Section 201 in an amount equal to 5% of the amount spent by
13 the taxpayer, up to $10,000 in a taxable year, to soundproof
14 that property. The tax credit may not reduce the taxpayer's
15 liability to less than zero.
16 (b) If the amount of the credit exceeds the tax
17 liability for the year, the excess may be carried forward and
18 applied to the tax liability of the 5 taxable years following
19 the excess credit year. The credit shall be applied to the
20 earliest year for which there is a tax liability. If there
21 are credits from more than one tax year that are available to
22 offset a liability, the earlier credit shall be applied
23 first.
24 (c) In this Section, "Airport noise zone" means all real
25 estate impacted by noise emanating from aircraft that is
26 greater than 65 LDN, as determined (i) by the most recent
27 noise contour map approved by the Federal Aviation
28 Administration or (ii) by any data, compiled by the use of
29 noise monitoring equipment, that is collected and filed with
30 the assessor or chief assessment officer by a municipality, a
31 township, or a commission authorized by an inter-governmental
-2- LRB9112825SMdv
1 agreement.
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.