SB3723 97TH GENERAL ASSEMBLY

LRB097 20030 HLH 65348 b

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.

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 223 as follows:

(35 ILCS 5/223 new)

Sec. 223. Green power credit. For tax years beginning on or after January 1, 2013, each taxpayer who makes a purchase of green power through an alternative retail electric supplier or an alternative gas supplier, as defined by the Public Utilities Act, during the taxable year is entitled to a credit against the taxes imposed under subsections (a) and (b) of Section 201 of this Act as provided in this Section. If the taxpayer is a purchaser of Illinois-based green power, then the credit shall be in an amount equal to 5% of the amount expended on the purchase during the taxable year. If the taxpayer is a purchaser of green power from a source outside of Illinois, then the credit shall be in an amount equal to 3% of the amount expended on the purchase.

As used in this Section, "green power" means 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. "Illinois-based green power" means 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 that are solely located within the State of Illinois.

The tax credit may not reduce the taxpayer's liability to less than zero and may not be carried forward to future taxable years.

Section 99. Effective date. This Act takes effect upon becoming law.