Bill Status of HB6959 93rd General Assembly
Short Description: INCOME TAX-ETHANOL CREDITS
Rep. William B. Black - Patricia Reid Lindner - Sidney H. Mathias - Ronald A. Wait - Raymond Poe, Rich Brauer, Richard P. Myers and Chapin Rose
|Session Sine Die
Statutes Amended In Order of Appearance
Synopsis As Introduced
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.