HB5543 Summary

• Amends the Illinois Income Tax Act to allow a deduction for greenhouse construction and rehabilitation expenses for taxable years ending between December 31, 2012 and December 31, 2017.

• Taxpayers may deduct 50% of greenhouse construction or rehabilitation expenses from adjusted gross income in the year incurred, or elect to deduct 25% in the year incurred and 25% in the following year.

• Applies to individuals, corporations, trusts, estates, and partnerships engaged in greenhouse operations.

• The greenhouse deduction is added as a modification (subparagraph HH for individuals, AA for corporations, Z for trusts/estates, and U for partnerships) to the base income calculation under Section 203 of the Illinois Income Tax Act.