Bill Text: IL HB4629 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who (i) are engaged in business as a healthy food retailer and (ii) during the taxable year, first locate a healthy food retail establishment in an area designated by the Department of Agriculture as a food desert. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2020-06-23 - Rule 19(b) / Re-referred to Rules Committee [HB4629 Detail]
Download: Illinois-2019-HB4629-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by adding | ||||||||||||||||||||||||
5 | Section 232 as follows:
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6 | (35 ILCS 5/232 new) | ||||||||||||||||||||||||
7 | Sec. 232. Credit for healthy food retailers. | ||||||||||||||||||||||||
8 | (a) For taxable years ending on or after December 31, 2020, | ||||||||||||||||||||||||
9 | each taxpayer who (i) is engaged in business as a healthy food | ||||||||||||||||||||||||
10 | retailer and (ii) during the taxable year, first locates a | ||||||||||||||||||||||||
11 | healthy food retail establishment in an area designated by the | ||||||||||||||||||||||||
12 | Department of Agriculture as a food desert is entitled to a | ||||||||||||||||||||||||
13 | credit against the taxes imposed by subsections (a) and (b) of | ||||||||||||||||||||||||
14 | Section 201. The credit shall be in an amount equal to: (i) 15% | ||||||||||||||||||||||||
15 | of the taxpayer's liability under this Act, calculated without | ||||||||||||||||||||||||
16 | regard to the credit under this Section, for newly constructed | ||||||||||||||||||||||||
17 | stores; or (ii) 10% of the taxpayer's liability under this Act, | ||||||||||||||||||||||||
18 | calculated without regard to the credit under this Section, for | ||||||||||||||||||||||||
19 | remodeled or rehabilitated stores. | ||||||||||||||||||||||||
20 | (b) For partners, shareholders of subchapter S | ||||||||||||||||||||||||
21 | corporations, and owners of limited liability companies, if the | ||||||||||||||||||||||||
22 | liability company is treated as a partnership for purposes of | ||||||||||||||||||||||||
23 | federal and State income taxation, there shall be allowed a |
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1 | credit under this Section to be determined in accordance with | ||||||
2 | the determination of income and distributive share of income | ||||||
3 | under Sections 702 and 704 and subchapter S of the Internal | ||||||
4 | Revenue Code. | ||||||
5 | (c) As used in this Section: | ||||||
6 | "Healthy food retailer" means a person that owns and | ||||||
7 | operates a healthy food retail establishment. | ||||||
8 | "Healthy food retail establishment" means a grocery | ||||||
9 | store or other business that sells food at retail for human | ||||||
10 | consumption that is to be consumed off the premises where | ||||||
11 | it is sold where at least 35% of the establishment's food | ||||||
12 | inventory, by cost value, consists of fresh produce, | ||||||
13 | poultry, dairy, and deli items.
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14 | Section 99. Effective date. This Act takes effect upon | ||||||
15 | becoming law.
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