Sen. Don Harmon

Filed: 5/17/2012

 

 


 

 


 
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1
AMENDMENT TO SENATE BILL 3723

2    AMENDMENT NO. ______. Amend Senate Bill 3723, AS AMENDED,
3by replacing everything after the enacting clause with the
4following:
 
5    "Section 5. The Illinois Income Tax Act is amended by
6adding Section 223 as follows:
 
7    (35 ILCS 5/223 new)
8    Sec. 223. Renewable energy credit.
9    (a) For tax years beginning on or after January 1, 2013,
10each taxpayer who, individually or through a municipal
11aggregation program, makes a purchase, in excess of any amount
12required by Section 1-75 of the Illinois Power Agency Act and
13Section 16-115D of the Public Utilities Act, of renewable
14energy, which is defined as (i) green energy or (ii) renewable
15energy credits, through an alternative retail electric
16supplier, as defined by the Public Utilities Act, or any

 

 

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1supplier capable of providing verification as required by this
2Section during the taxable year is entitled to a credit against
3the taxes imposed under subsections (a) and (b) of Section 201
4of this Act as provided in this Section.
5    (b) If the renewable energy is produced solely within the
6State of Illinois, then the credit shall be in an amount equal
7to 5% of the amount expended on the purchase during the taxable
8year. If the renewable energy is from a source outside of
9Illinois, then the credit shall be in an amount equal to 3% of
10the amount expended on the purchase.
11    (c) Any alternative retail electric supplier or supplier of
12renewable energy that provides offers that are eligible for
13this credit must provide a verifiable disclosure statement to
14the renewable energy customer. For electricity, the quantity
15and source of renewable energy shall be independently verified
16through the PJM Environmental Information System Generation
17Attribute Tracking System (PJM-GATS) or the Midwest Renewable
18Energy Tracking System (M-RETS), which shall document the
19location of generation, resource type, month, and year of
20generation for all qualifying renewable energy resources that
21an alternative retail electric supplier uses to comply with
22this Section. Any alternative gas supplier that provides offers
23for the credit must provide a verifiable disclosure statement
24to the renewable energy customer.
25    (d) The tax credit may not reduce the taxpayer's liability
26to less than zero and may not be carried forward to future

 

 

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1taxable years.
2    (e) As used in this Section:
3    "Green energy" has the same definition as "renewable energy
4resources" in Section 1-10 of the Illinois Power Agency Act.
5    "Renewable energy credit" has the same definition as found
6in Section 1-10 of the Illinois Power Agency Act.
 
7    Section 99. Effective date. This Act takes effect upon
8becoming law.".