IL SB0318

Creates an income tax credit for taxpayers who pay for soundproofing materials, labor, and professional services on residential homes located in eligible addresses near O'Hare International Airport for taxable years ending on or after December 31, 2023.

Soundproofing work must comply with the Illinois Residential Building Code Act requirements and address aircraft noise from airports governed by the Permanent Noise Monitoring Act.

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

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

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