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| [ House Amendment 001 ] |
92_HB0017
LRB9201541SMdv
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
5 adding Sections 214 and 215 as follows:
6 (35 ILCS 5/214 new)
7 Sec. 214. Tax credit for purchasing E85 ethanol powered
8 motor vehicles. For taxable years 2002 through 2006, each
9 taxpayer who purchases a new E85 ethanol powered motor
10 vehicle is entitled to a credit against the tax imposed by
11 subsections (a) and (b) of Section 201 in the amount of
12 $2,000 for each vehicle purchased during the taxable year.
13 For purposes of this Section "E85 ethanol powered motor
14 vehicle" means a motor vehicle that is powered by E85 blend
15 fuel which consists of at least 85% ethanol and no more than
16 15% gasoline. The tax credit may not reduce the taxpayer's
17 liability to less than zero.
18 (35 ILCS 5/215 new)
19 Sec. 215. Tax credit for installing E85 ethanol fuel
20 dispensing pumps. For taxable years 2002 through 2006, each
21 motor fuel retailer who installs one or more new E85 ethanol
22 fuel dispensing pumps at his or her motor fuel retail store
23 in Illinois during the taxable year is entitled to a credit
24 against the tax imposed by subsections (a) and (b) of Section
25 201 in the amount of $10,000. For purposes of this Section
26 "E85 ethanol fuel dispensing pump" means a fuel dispensing
27 pump that dispenses E85 blend fuel which consists of at least
28 85% ethanol and no more than 15% gasoline. The tax credit
29 may not reduce the taxpayer's liability to less than zero.
-2- LRB9201541SMdv
1 Section 99. Effective date. This Act takes effect on
2 January 1, 2002.