IL SB0186

Creates an income tax credit for taxpayers who pay for soundproofing materials, labor, and professional services at residential homes located in eligible addresses near O'Hare International Airport, effective for tax years ending December 31, 2019 or later.

Eligible addresses include properties within the 65 DNL Build-out Contour for O'Hare, within an alternative 65 CNEL Build-out Contour, or within 20 miles east or west and 3 miles north or south of an east-west runway at O'Hare.

Soundproofing work must comply with the Illinois Residential Building Code Act to qualify for the credit.

Credit cannot reduce tax liability below zero but may be carried forward and applied to the next 5 taxable years, with earlier credits applied first.

Credit is exempt from automatic sunset provisions in the Illinois Income Tax Act.