(35 ILCS 5/240)
    Sec. 240. Hydrogen fuel replacement tax credits.
    (a) For tax years ending on or after December 31, 2027 and beginning before January 1, 2029, an eligible taxpayer who qualifies for a credit under the Hydrogen Fuel Replacement Tax Credit Act is entitled to a credit against the taxes imposed under subsections (a) and (b) of Section 201 of this Act as provided in that Act. If the eligible taxpayer is a partnership or Subchapter S corporation, the credit shall be allowed to the partners or shareholders in accordance with the determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code.
    (b) If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The credit shall be applied to the earliest year for which there is a tax liability. If there are credits from more than one tax year that are available to offset a liability, the earlier credit shall be applied first. In no event shall a credit under this Section reduce the taxpayer's liability to less than zero.
    (c) A sale, assignment, or transfer of the tax credit may be made by the taxpayer earning the credit within one year after the credit is awarded in accordance with rules adopted by the Department of Commerce and Economic Opportunity.
    (d) A person claiming the credit allowed under this Section shall attach to its Illinois income tax return a copy of the tax credit certificate or the transfer certificate issued by the Department of Commerce and Economic Opportunity.
(Source: P.A. 103-268, eff. 7-25-23.)