94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB5285


 
Introduced 01/25/06, by Rep. Rosemary Mulligan
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/216 new










    Amends the Illinois Income Tax Act. Creates a credit equal to 5% of the cost of motor fuel purchased in the State by the taxpayer during the taxable year for the operation of a commercial vehicle that has 2 or more axles. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.
















LRB094 17281 BDD 52574 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB5285

LRB094 17281 BDD 52574 b






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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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Section 216 as follows:
 
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    (35 ILCS 5/216  new)
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    Sec. 216. Credit for the purchase of motor fuel for 
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commercial vehicles.
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    (a) For taxable years ending on or after December 31, 2006 
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and on or before December 30, 2011, each taxpayer is entitled 
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to a credit against the tax imposed under subsection (a) and 
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(b) of Section 201 in an amount equal to 5% of the cost of motor 
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fuel purchased in the State by the taxpayer during the taxable 
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year for the operation of a commercial vehicle that has 2 or 
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more axles.
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    (b) 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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    (c) 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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    Section 99. Effective date. This Act takes effect upon 
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becoming law.