IL HB0393

Creates an income tax credit of up to $8,000 for taxpayers who pay for soundproofing materials, labor, and professional services to reduce aircraft noise at residential homes near O'Hare International Airport, effective for taxable years ending December 31, 2021 or later.

Soundproofing work must comply with the Illinois Residential Building Code Act and the residential home must be located at an "eligible address" within specified noise contours or distance parameters from O'Hare runways.

Excess credit that exceeds a taxpayer's annual tax liability may be carried forward and applied to tax liability in the following 5 taxable years, with earlier credits applied first.

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

Becomes effective immediately upon enactment.