[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
| [ Introduced ] |
92_HB0017ham001
LRB9201541SMpkam
1 AMENDMENT TO HOUSE BILL 17
2 AMENDMENT NO. . Amend House Bill 17, on page 1 by
3 replacing lines 7 through 17 with the following:
4 "Sec. 214. Tax credit for purchasing E85 ethanol-powered
5 motor vehicle and using E85 blend fuel. Beginning with
6 taxable years ending on or after December 31, 2002 and ending
7 with taxable years ending on or before December 30, 2007,
8 each taxpayer who purchases a new E85 ethanol-powered motor
9 vehicle is entitled to a credit against the tax imposed by
10 subsections (a) and (b) of Section 201 in the following
11 amounts:
12 (1) For the taxable year of the purchase, $500 for
13 each vehicle purchased during the taxable year.
14 (2) For the year following the taxable year of the
15 purchase, $500 for each vehicle for which a credit was
16 allowed under item (1), if the taxpayer verifies that the
17 taxpayer purchased at least 1,000 gallons of E85 blend
18 fuel during the taxable year for each E85 ethanol-powered
19 motor vehicle for which a credit was allowed under item
20 (1).
21 (3) For the second year following the taxable year
22 of the purchase, $500 for each vehicle for which a credit
23 was allowed under item (1), if the taxpayer verifies that
24 the taxpayer purchased at least 1,000 gallons of E85
-2- LRB9201541SMpkam
1 blend fuel during the taxable year for each E85
2 ethanol-powered motor vehicle for which a credit was
3 allowed under item (1).
4 (4) For the third year following the taxable year
5 of the purchase, $500 for each vehicle for which a credit
6 was allowed under item (1), if the taxpayer verifies that
7 the taxpayer purchased at least 1,000 gallons of E85
8 blend fuel during the taxable year for each E85
9 ethanol-powered motor vehicle for which a credit was
10 allowed under item (1).
11 For purposes of this Section, "E85 ethanol-powered motor
12 vehicle" means a motor vehicle that is powered by E85 blend
13 fuel that consists of at least 85% ethanol and no more than
14 15% gasoline. The tax credits under this Section may not
15 reduce the taxpayer's liability in any taxable year to less
16 than zero.".