IL HB4396

Creates an income tax credit for taxpayers who pay for soundproofing materials, labor, and professional services to reduce aircraft noise at residential homes near airports governed by the Permanent Noise Monitoring Act.

Credit applies to taxable years ending on or after December 31, 2016, and equals the full amount paid for soundproofing work that complies with the Illinois Residential Building Code Act.

Credit cannot reduce tax liability below zero, but unused credit amounts may be carried forward and applied to tax liability for up to 5 following taxable years, with earlier year credits applied first.

Credit is exempt from automatic sunset provisions under Section 250 of the Illinois Income Tax Act.

Effective immediately upon becoming law.