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|[ House Amendment 001 ]|
92_HB0017 LRB9201541SMdv 1 AN ACT in relation to taxation. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Income Tax Act is amended by 5 adding Sections 214 and 215 as follows: 6 (35 ILCS 5/214 new) 7 Sec. 214. Tax credit for purchasing E85 ethanol powered 8 motor vehicles. For taxable years 2002 through 2006, each 9 taxpayer who purchases a new E85 ethanol powered motor 10 vehicle is entitled to a credit against the tax imposed by 11 subsections (a) and (b) of Section 201 in the amount of 12 $2,000 for each vehicle purchased during the taxable year. 13 For purposes of this Section "E85 ethanol powered motor 14 vehicle" means a motor vehicle that is powered by E85 blend 15 fuel which consists of at least 85% ethanol and no more than 16 15% gasoline. The tax credit may not reduce the taxpayer's 17 liability to less than zero. 18 (35 ILCS 5/215 new) 19 Sec. 215. Tax credit for installing E85 ethanol fuel 20 dispensing pumps. For taxable years 2002 through 2006, each 21 motor fuel retailer who installs one or more new E85 ethanol 22 fuel dispensing pumps at his or her motor fuel retail store 23 in Illinois during the taxable year is entitled to a credit 24 against the tax imposed by subsections (a) and (b) of Section 25 201 in the amount of $10,000. For purposes of this Section 26 "E85 ethanol fuel dispensing pump" means a fuel dispensing 27 pump that dispenses E85 blend fuel which consists of at least 28 85% ethanol and no more than 15% gasoline. The tax credit 29 may not reduce the taxpayer's liability to less than zero. -2- LRB9201541SMdv 1 Section 99. Effective date. This Act takes effect on 2 January 1, 2002.
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