94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB0652


 
Introduced 1/28/2005, by Rep. Jack D. Franks
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/216 new










    Amends the Illinois Income Tax Act.  Provides, for 5 taxable years, for an income tax credit for the purchase of an alternative fueled vehicle during the taxable year in the amount of $1,000 per vehicle purchased.  Provides that the credit may not reduce the taxpayer's liability to less than zero but may be carried forward for 5 years.  Effective immediately.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB0652

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    AN ACT concerning taxes.

 
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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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Section 216 as follows:
 
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    (35 ILCS 5/216  new)
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    Sec. 216. Alternative fueled vehicle credit.
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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 taxpayer that 
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purchases in this State an alternative fueled vehicle during 
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the taxable year is entitled to a credit against the tax 
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imposed by subsections (a) and (b) of Section 201 in the amount 
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of $1,000 per alternative fueled vehicle purchased.  The tax 
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credit may not reduce the taxpayer's liability to less than 
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zero.
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    (b) If the amount of the credit exceeds the tax liability 
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for the year, the excess may be carried forward and applied to 
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the tax liability of the 5 taxable years following the excess 
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credit year.  The credit shall be applied to the earliest year 
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for which there is a tax liability.  If there are credits from 
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more than one tax year that are available to offset a 
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liability, the earlier credit shall be applied first.

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    (c) As used in this Section, "alternative fueled vehicle" 
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has the same definition as it does in United States Code, Title 
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42, Chapter 134,  Section 13211.

 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.