93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6959

 

Introduced 02/09/04, by William B. Black - Patricia Reid Lindner - Sidney H. Mathias - Ronald A. Wait - Raymond Poe, et al.

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/216 new
35 ILCS 5/217 new

    Amends the Illinois Income Tax Act. Creates a $2,000 tax credit for each taxpayer who purchases a new E85 ethanol powered motor vehicle for each vehicle purchased during the taxable year. Creates a $10,000 tax credit for each motor fuel retailer who installs one or more new E85 ethanol fuel dispensing pumps at his or her motor fuel retail store in Illinois during the taxable year. Provides that each of the credits applies to taxable years ending on or after December 31, 2004 and on or before December 30, 2009. Provides that the credits may not reduce the taxpayer's liability to less than zero. Effective January 1, 2005.


LRB093 17827 SJM 43508 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB6959 LRB093 17827 SJM 43508 b

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 adding
5 Sections 216 and 217 as follows:
 
6     (35 ILCS 5/216 new)
7     Sec. 216. Tax credit for purchasing E85 ethanol-powered
8 motor vehicle and using E85 blend fuel. Beginning with taxable
9 years ending on or after December 31, 2004 and on or before
10 December 30, 2009, each taxpayer who purchases a new E85
11 ethanol-powered motor vehicle is entitled to a credit against
12 the tax imposed by subsections (a) and (b) of Section 201 in
13 the following amounts:
14         (1) For the taxable year of the purchase, $500 for each
15     vehicle purchased during the taxable year.
16         (2) For the year following the taxable year of the
17     purchase, $500 for each vehicle for which a credit was
18     allowed under item (1), if the taxpayer verifies that the
19     taxpayer purchased at least 1,000 gallons of E85 blend fuel
20     during the taxable year for each E85 ethanol-powered motor
21     vehicle for which a credit was allowed under item (1).
22         (3) For the second year following the taxable year of
23     the purchase, $500 for each vehicle for which a credit was
24     allowed under item (1), if the taxpayer verifies that the
25     taxpayer purchased at least 1,000 gallons of E85 blend fuel
26     during the taxable year for each E85 ethanol-powered motor
27     vehicle for which a credit was allowed under item (1).
28         (4) For the third year following the taxable year of
29     the purchase, $500 for each vehicle for which a credit was
30     allowed under item (1), if the taxpayer verifies that the
31     taxpayer purchased at least 1,000 gallons of E85 blend fuel
32     during the taxable year for each E85 ethanol-powered motor

 

 

HB6959 - 2 - LRB093 17827 SJM 43508 b

1     vehicle for which a credit was allowed under item (1).
2     For purposes of this Section, "E85 ethanol-powered motor
3 vehicle" means a motor vehicle that is powered by E85 blend
4 fuel that consists of at least 85% ethanol and no more than 15%
5 gasoline. The tax credits under this Section may not reduce the
6 taxpayer's liability in any taxable year to less than zero.
 
7     (35 ILCS 5/217 new)
8     Sec. 217. Tax credit for installing E85 ethanol fuel
9 dispensing pumps. For taxable years ending on or after December
10 31, 2004 and on or before December 30, 2009, each motor fuel
11 retailer who installs one or more new E85 ethanol fuel
12 dispensing pumps at his or her motor fuel retail store in
13 Illinois during the taxable year is entitled to a credit
14 against the tax imposed by subsections (a) and (b) of Section
15 201 in the amount of $10,000. For purposes of this Section "E85
16 ethanol fuel dispensing pump" means a fuel dispensing pump that
17 dispenses E85 blend fuel which consists of at least 85% ethanol
18 and no more than 15% gasoline. The tax credit may not reduce
19 the taxpayer's liability to less than zero.
 
20     Section 99. Effective date. This Act takes effect January
21 1, 2005