IL HB4370

Creates a tax credit for individual taxpayers equal to 100% of eligible recycling costs incurred during the taxable year, capped at $1,000 per taxpayer.

Eligible recycling costs include expenses for collection, separation, conversion, or treatment of recyclable solid waste materials such as paper, glass, and plastic.

Credit applies to taxable years ending on or after December 31, 2024, and reduces liability under Illinois Income Tax Act Sections 201(a) and (b).

Excess credits that exceed tax liability may be carried forward and applied to tax liability in the 5 following taxable years, with earlier credits applied first.

Credit cannot reduce taxpayer liability below zero.