IL SB2242

Creates an income tax credit 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 on or after December 31, 2021.

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

Eligible addresses include properties within the 65 DNL Build-out Contour for O'Hare, within an alternative 65 CNEL Build-out Contour, or not more than 20 miles east or west and not more than 3 miles north or south of an east-west aligned runway at O'Hare.

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

Credit is exempt from automatic sunset provisions and takes effect immediately upon enactment.