SB0256 Summary

• Amends the Illinois Income Tax Act Section 201 to modify tax rates and credits for individuals, corporations, trusts, and estates.

• Updates definitions for "tangible personal property" in the retailing investment credit to exclude generation, transmission, or distribution of electricity for tax years ending after December 31, 2008.

• Establishes a River Edge Redevelopment Zone site remediation tax credit for tax years ending on or after December 31, 2006, allowing 25% credit on unreimbursed remediation costs exceeding $100,000 per site.

• Allows credits to be carried forward for 5 taxable years and permits transfer of remediation tax credits to buyers of remediation sites upon proper notification to the Department of Revenue.

• Takes effect upon becoming law.