|
|
Revenue Committee
Adopted in House on Feb 25, 2005
|
|
09400HB0387ham001 |
|
LRB094 06900 BDD 42018 a |
|
|
| 1 |
| AMENDMENT TO HOUSE BILL 387
|
| 2 |
| AMENDMENT NO. ______. Amend House Bill 387 by replacing |
| 3 |
| everything after the enacting clause with the following:
|
| 4 |
| "Section 5. The Illinois Income Tax Act is amended by |
| 5 |
| adding Section 217 as follows:
|
| 6 |
| (35 ILCS 5/217 new)
|
| 7 |
| Sec. 217. Single-year credit for installing E85 ethanol |
| 8 |
| fuel dispensing pumps.
For taxable years ending on or after |
| 9 |
| December 31, 2005 and on or before
December 30,
2008, each |
| 10 |
| motor fuel retailer who installs one
or more new E85 ethanol |
| 11 |
| fuel dispensing pumps at his or her motor fuel retail
store in |
| 12 |
| Illinois during the taxable year is entitled to a credit |
| 13 |
| against the
tax imposed by subsections (a) and (b) of Section |
| 14 |
| 201 in the amount of $10,000.
For purposes of this Section "E85 |
| 15 |
| ethanol fuel dispensing pump" means a fuel
dispensing pump that |
| 16 |
| dispenses E85 blend fuel which consists of at least 85%
ethanol |
| 17 |
| and no more than 15% gasoline. |
| 18 |
| The same taxpayer may take this credit in only one taxable |
| 19 |
| year. The tax credit may not reduce the
taxpayer's liability to |
| 20 |
| less than zero.
|
| 21 |
| Section 99. Effective date. This Act takes effect on |
| 22 |
| January 1, 2006.".
|