Sen. Don Harmon

Filed: 3/2/2012

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 3723

2    AMENDMENT NO. ______. Amend Senate Bill 3723 by replacing
3everything after the enacting clause with the following:
 
4    "Section 5. The Illinois Income Tax Act is amended by
5adding Section 223 as follows:
 
6    (35 ILCS 5/223 new)
7    Sec. 223. Green energy credit.
8    (a) For tax years beginning on or after January 1, 2013,
9each taxpayer who, individually or through a municipal
10aggregation program, makes a purchase of (i) green energy, (ii)
11a renewable energy credit, or (iii) a carbon offset through an
12alternative retail electric supplier or an alternative gas
13supplier, as defined by the Public Utilities Act, during the
14taxable year is entitled to a credit against the taxes imposed
15under subsections (a) and (b) of Section 201 of this Act as
16provided in this Section. If the taxpayer is a purchaser of

 

 

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1Illinois-based green energy, then the credit shall be in an
2amount equal to 5% of the amount expended on the purchase
3during the taxable year. If the taxpayer is a purchaser of
4green energy from a source outside of Illinois, then the credit
5shall be in an amount equal to 3% of the amount expended on the
6purchase.
7    (b) Any alternative retail electric supplier that provides
8offers that are eligible for this credit must provide a
9verifiable disclosure statement to the green energy customer.
10For electricity, the quantity and source of green energy shall
11be independently verified through the PJM Environmental
12Information System Generation Attribute Tracking System
13(PJM-GATS) or the Midwest Renewable Energy Tracking System
14(M-RETS), which shall document the location of generation,
15resource type, month, and year of generation for all qualifying
16renewable energy resources that an alternative retail electric
17supplier uses to comply with this Section. Any alternative gas
18supplier that provides offers for the credit must provide a
19verifiable disclosure statement to the green energy customer.
20For natural gas, the quantity of natural gas sourced shall be
21verified by disclosure of the location of the landfill gas
22source, or, when using carbon offsets, the offsets must be
23verified by the Chicago Climate Exchange or a Chicago Climate
24Exchange approved verifier, including, but not limited to, the
25University of Illinois IlliniCarbon Project.
26    (c) The tax credit may not reduce the taxpayer's liability

 

 

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1to less than zero and may not be carried forward to future
2taxable years.
3    (d) As used in this Section:
4    "Green energy" has the same definition as "renewable energy
5resources" in Section 1-10 of the Illinois Power Agency Act.
6    "Illinois-based green energy" means green energy that is
7produced solely within the State of Illinois.
8    "Renewable energy credit" has the same definition as found
9in Section 1-10 of the Illinois Power Agency Act.
10    "Carbon offset" means a verifiable certificate
11representing a reduction of one metric ton of carbon dioxide
12and other greenhouse gasses.
 
13    Section 99. Effective date. This Act takes effect upon
14becoming law.".