94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB2522


 
Introduced 2/18/2005, by Rep. Jim Sacia
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/216 new






35 ILCS 5/217 new










    Amends the Illinois Income Tax Act. Allows credits of $10,000 for  high-impact ethanol retailers and high-impact biodiesel retailers. Defines "high-impact ethanol retailer" as  a motor fuel retailer who has been certified by the Department as being one of the top 25 retailers in the sale of  motor-fuel ethanol in the State during the previous calendar year, and defines "high-impact biodiesel retailer" as a motor fuel retailer who has been certified by the Department as being one of the top 25 retailers in the sale of  biodiesel in the State during the previous calendar year. Provides that the credits may not be carried forward or back and may not reduce a taxpayer's liability to less than zero. Effective immediately.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB2522

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    AN ACT concerning revenue.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Income Tax Act is amended  by adding 
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Sections 216 and 217 as follows:
 
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    (35 ILCS 5/216  new)
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    Sec. 216. Tax credit for ethanol sales.
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    (a) For taxable years ending on or after December 31, 2005 
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and ending on or before December 30, 2010, each high-impact 
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ethanol retailer is entitled to a credit against the tax 
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imposed by subsections (a) and (b) of Section 201 in an amount 
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of $10,000.
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    (b) For the purpose of this Section, a "high-impact ethanol 
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retailer" means a motor fuel retailer who has been certified by 
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the Department as being one of the top 25 retailers in the sale 
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of  motor-fuel ethanol in the State during the previous calendar 
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year.  "Motor-fuel ethanol" means ethanol that has been added to 
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gasoline.
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    (c) To be eligible for a credit under this Section, the 
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taxpayer must make an application to the Department that 
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contains any information reasonably required by the Department 
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to calculate the amount of motor-fuel ethanol sold by the 
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taxpayer.
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    (d) If the taxpayer is a partnership or Subchapter S

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corporation,  the  credit  is  allowed  to  the  partners  or

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shareholders in accordance with the determination  of  income
and  
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distributive  share of income under Sections 702 and 704
and  
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Subchapter  S  of  the  Internal   Revenue   Code.
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    (e) The credit may not be carried forward  or  back.   In  no

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event shall a credit under this Section reduce the taxpayer's

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liability to less than zero.
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    (f) The Department must adopt any ruled necessary for the 
 


 






HB2522
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administration of this Section.
 
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    (35 ILCS 5/217  new)
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    Sec. 217. Tax credit for biodiesel sales.
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    (a) For taxable years ending on or after December 31, 2005 
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and ending on or before December 30, 2010, each high-impact 
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biodiesel retailer is entitled to a credit against the tax 
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imposed by subsections (a) and (b) of Section 201 in an amount 
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of $10,000.
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    (b) For the purpose of this Section, a "high-impact 
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biodiesel retailer" means a motor fuel retailer who has been 
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certified by the Department as being one of the top 25 
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retailers in the sale of  biodiesel in the State during the 
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previous calendar year.  "Biodiesel" has the meaning set forth 
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in Section 10 of the Illinois Renewable Fuels Development 
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Program Act.
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    (c) To be eligible for a credit under this Section, the 
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taxpayer must make an application to the Department that 
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contains any information reasonably required by the Department 
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to calculate the amount of biodiesel sold by the taxpayer.
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    (d) If the taxpayer is a partnership or Subchapter S

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corporation,  the  credit  is  allowed  to  the  partners  or

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shareholders in accordance with the determination  of  income
and  
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distributive  share of income under Sections 702 and 704
and  
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Subchapter  S  of  the  Internal   Revenue   Code.
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    (e) The credit may not be carried forward  or  back.   In  no

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event shall a credit under this Section reduce the taxpayer's

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liability to less than zero.
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    (f) The Department must adopt any ruled necessary for the 
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administration of this Section.
 

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    Section 99. Effective date. This Act takes effect January 
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1, 2006.