97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3723

 

Introduced 2/10/2012, by Sen. Don Harmon

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/223 new

    Amends the Illinois Income Tax Act. Creates a credit for taxpayers who make a purchase of green power during the taxable year. Provides that the credit shall be in an amount equal to 5% of the amount expended if the taxpayer is a purchaser of Illinois-based green power and 3% of the amount expended if the taxpayer is a purchaser of green power from a source outside of Illinois. Defines "green power" as electricity or natural gas produced from renewable or non-polluting technologies including, but not limited to, air turbines (windmills), geothermal power plants, hydropower plants, solar cells or biomass. Effective immediately.


LRB097 20030 HLH 65348 b

 

 

A BILL FOR

 

SB3723LRB097 20030 HLH 65348 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 223 as follows:
 
6    (35 ILCS 5/223 new)
7    Sec. 223. Green power credit. For tax years beginning on or
8after January 1, 2013, each taxpayer who makes a purchase of
9green power through an alternative retail electric supplier or
10an alternative gas supplier, as defined by the Public Utilities
11Act, during the taxable year is entitled to a credit against
12the taxes imposed under subsections (a) and (b) of Section 201
13of this Act as provided in this Section. If the taxpayer is a
14purchaser of Illinois-based green power, then the credit shall
15be in an amount equal to 5% of the amount expended on the
16purchase during the taxable year. If the taxpayer is a
17purchaser of green power from a source outside of Illinois,
18then the credit shall be in an amount equal to 3% of the amount
19expended on the purchase.
20    As used in this Section, "green power" means electricity or
21natural gas produced from renewable or non-polluting
22technologies including, but not limited to, air turbines
23(windmills), geothermal power plants, hydropower plants, solar

 

 

SB3723- 2 -LRB097 20030 HLH 65348 b

1cells or biomass. "Illinois-based green power" means
2electricity or natural gas produced from renewable or
3non-polluting technologies including, but not limited to, air
4turbines (windmills), geothermal power plants, hydropower
5plants, solar cells or biomass that are solely located within
6the State of Illinois.
7    The tax credit may not reduce the taxpayer's liability to
8less than zero and may not be carried forward to future taxable
9years.
 
10    Section 99. Effective date. This Act takes effect upon
11becoming law.