102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3506

 

Introduced 2/22/2021, by Rep. Maura Hirschauer

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/232 new

    Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who purchase an electric vehicle during the taxable year. Provides that the amount of the credit is equal to the purchase price of the vehicle. Provides that excess credit amounts may not be carried forward or back and shall not be refunded to the taxpayer. Effective immediately.


LRB102 10663 HLH 15992 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3506LRB102 10663 HLH 15992 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by
5adding Section 232 as follows:
 
6    (35 ILCS 5/232 new)
7    Sec. 232. Electric vehicle credit.
8    (a) Notwithstanding any other provision of law, for
9taxable years that begin on and after January 1, 2022 and begin
10prior to January 1, 2027, each taxpayer that makes a purchase
11of an electric vehicle during the taxable year is entitled to a
12credit against the tax imposed under subsections (a) and (b)
13of Section 201 in an amount equal to the purchase price of the
14vehicle.
15    (b) In no event shall a credit under this Section reduce
16the taxpayer's liability under this Act to less than zero.
17Excess credit amounts may not be carried forward or back and
18shall not be refunded to the taxpayer.
19    (c) As used in this Section, "electric vehicle" means a
20vehicle that is licensed to drive on public roadways, is
21predominantly powered by, and primarily refueled with,
22electricity, and does not have restrictions confining it to
23operate on only certain types of streets or roads.
 

 

 

HB3506- 2 -LRB102 10663 HLH 15992 b

1    Section 99. Effective date. This Act takes effect upon
2becoming law.