HB5533 94TH GENERAL ASSEMBLY

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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB5533

Introduced 1/27/2006, by Rep. Roger L. Eddy

SYNOPSIS AS INTRODUCED:

35 ILCS 5/217 new

Amends the Illinois Income Tax Act. Creates a $10,000 tax credit for each motor fuel retailer who installs one or more new E85 ethanol fuel dispensing pumps at his or her motor fuel retail store in Illinois during the taxable year. Provides that the credit applies to taxable years ending on or after December 31, 2006 and on or before December 30, 2009. Limits the pump credit to one year. Provides that the credits may not reduce the taxpayer's liability to less than zero. Effective January 1, 2007.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 217 as follows:

(35 ILCS 5/217 new)

Sec. 217. Single-year credit for installing E85 ethanol fuel dispensing pumps. For taxable years ending on or after December 31, 2006 and on or before December 30, 2009, each motor fuel retailer who installs one or more new E85 ethanol fuel dispensing pumps at his or her motor fuel retail store in Illinois during the taxable year is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 in the amount of $10,000.

For purposes of this Section "E85 ethanol fuel dispensing pump" means a fuel dispensing pump that dispenses E85 blend fuel, which consists of at least 85% ethanol and no more than 15% gasoline.

The same taxpayer may take this credit in only one taxable year. The tax credit may not reduce the taxpayer's liability to less than zero.

Section 99. Effective date. This Act takes effect on January 1, 2007.