Illinois General Assembly - Bill Status for SB3616

Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that, on or after July 1, 2012 and on or before December 31, 2018, the taxes imposed under the Acts apply to (i) 90% of the proceeds of sales of gasohol, (ii) 80% of the proceeds of sales of E20 blended ethanol fuel, and (iii) 60% of the proceeds of sales of E30 blended ethanol fuel. Provides that an exemption for majority blended ethanol fuel applies through December 31, 2018 (instead of December 31, 2013). Amends the Illinois Renewable Fuels Development Program Act. Provides that grants may be awarded for the following programs: a next generation renewable fuels program, a majority blended ethanol and blender pump infrastructure program, and a research and development program for sustainable corn production and corn-based renewable fuel production. Sets forth the maximum aggregate amount of grants that may be awarded under each program. Effective immediately.

Replaces everything after the enacting clause. Amends the Illinois Enterprise Zone Act. Provides that an area is qualified to become an enterprise zone if it meets certain specified criteria. Creates an Enterprise Zone Board within the Department of Commerce and Economic Opportunity for the purpose of approving or denying Enterprise Zone applications certified by the Department. Amends the Retailers' Occupation Tax Act. Authorizes the Department of Revenue to issue Enterprise Zone Building Materials Exemption Certificates and a High Impact Building Materials Exemption Certificates. Provides that no River Edge Redevelopment Zone may be extended on or after the effective date of the amendatory Act. Provides that, at the time of its term expiration, each River Edge Redevelopment Zone will become an open enterprise zone, available for its previous designees or a new applicant to compete for designation as an enterprise zone. Contains other provisions. Amends the Illinois Income Tax Act. Eliminates the job tax credit for a taxpayer conducting business operations in an enterprise zone. Eliminates the deduction for dividends that were paid by a corporation which conducts business operations in an enterprise zone. Eliminates the deduction for interest income from a loan or loans secured by property which is eligible for the Enterprise Zone Investment Credit. Requires each business that receive incentives due to its location within an Enterprise Zone, a River Edge Redevelopment Zone, or because of its designation as a High Impact Business to report the total tax benefits received by the business, broken down by incentive category, annually to the Department of Revenue. Makes other changes. Effective immediately.

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