SB3723sam002 97TH GENERAL ASSEMBLY

Sen. Don Harmon

Filed: 5/17/2012

09700SB3723sam002 LRB097 20030 HLH 69376 a

AMENDMENT TO SENATE BILL 3723

AMENDMENT NO. ______. Amend Senate Bill 3723, AS AMENDED, by replacing everything after the enacting clause with the following:

"Section 5. The Illinois Income Tax Act is amended by adding Section 223 as follows:

(35 ILCS 5/223 new)

Sec. 223. Renewable energy credit.

(a) For tax years beginning on or after January 1, 2013, each taxpayer who, individually or through a municipal aggregation program, makes a purchase, in excess of any amount required by Section 1-75 of the Illinois Power Agency Act and Section 16-115D of the Public Utilities Act, of renewable energy, which is defined as (i) green energy or (ii) renewable energy credits, through an alternative retail electric supplier, as defined by the Public Utilities Act, or any supplier capable of providing verification as required by this Section 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.

(b) If the renewable energy is produced solely within the State of Illinois, then the credit shall be in an amount equal to 5% of the amount expended on the purchase during the taxable year. If the renewable energy is from a source outside of Illinois, then the credit shall be in an amount equal to 3% of the amount expended on the purchase.

(c) Any alternative retail electric supplier or supplier of renewable energy that provides offers that are eligible for this credit must provide a verifiable disclosure statement to the renewable energy customer. For electricity, the quantity and source of renewable energy shall be independently verified through the PJM Environmental Information System Generation Attribute Tracking System (PJM-GATS) or the Midwest Renewable Energy Tracking System (M-RETS), which shall document the location of generation, resource type, month, and year of generation for all qualifying renewable energy resources that an alternative retail electric supplier uses to comply with this Section. Any alternative gas supplier that provides offers for the credit must provide a verifiable disclosure statement to the renewable energy customer.

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

(e) As used in this Section:

"Green energy" has the same definition as "renewable energy resources" in Section 1-10 of the Illinois Power Agency Act.

"Renewable energy credit" has the same definition as found in Section 1-10 of the Illinois Power Agency Act.

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