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Sen. Don Harmon
Filed: 5/17/2012
| | 09700SB3723sam002 | | LRB097 20030 HLH 69376 a |
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| 1 | | AMENDMENT TO SENATE BILL 3723
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3723, AS AMENDED, |
| 3 | | by replacing everything after the enacting clause with the |
| 4 | | following:
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| 5 | | "Section 5. The Illinois Income Tax Act is amended by |
| 6 | | adding Section 223 as follows:
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| 7 | | (35 ILCS 5/223 new) |
| 8 | | Sec. 223. Renewable energy credit. |
| 9 | | (a) For tax years beginning on or after January 1, 2013,
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| 10 | | each taxpayer who, individually or through a municipal
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| 11 | | aggregation program, makes a purchase, in excess of any amount |
| 12 | | required by Section 1-75 of the Illinois Power Agency Act and |
| 13 | | Section 16-115D of the Public Utilities Act, of renewable |
| 14 | | energy, which is defined as (i) green energy or (ii) renewable |
| 15 | | energy credits, through an
alternative retail electric |
| 16 | | supplier, as defined by the Public Utilities Act, or any |
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| | 09700SB3723sam002 | - 2 - | LRB097 20030 HLH 69376 a |
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| 1 | | supplier capable of providing verification as required by this |
| 2 | | Section during the
taxable year is entitled to a credit against |
| 3 | | the taxes imposed
under subsections (a) and (b) of Section 201 |
| 4 | | of this Act as
provided in this Section. |
| 5 | | (b) If the renewable energy is produced solely within the |
| 6 | | State of Illinois, then the credit shall be in an
amount equal |
| 7 | | to 5% of the amount expended on the purchase
during the taxable |
| 8 | | year. If the renewable energy is from a source outside of |
| 9 | | Illinois, then the credit
shall be in an amount equal to 3% of |
| 10 | | the amount expended on the
purchase. |
| 11 | | (c) Any alternative retail electric supplier or supplier of |
| 12 | | renewable energy that provides
offers that are eligible for |
| 13 | | this credit must provide a
verifiable disclosure statement to |
| 14 | | the renewable energy customer.
For electricity, the quantity |
| 15 | | and source of renewable energy shall
be independently verified |
| 16 | | through the PJM Environmental
Information System Generation |
| 17 | | Attribute Tracking System
(PJM-GATS) or the Midwest Renewable |
| 18 | | Energy Tracking System
(M-RETS), which shall document the |
| 19 | | location of generation,
resource type, month, and year of |
| 20 | | generation for all qualifying
renewable energy resources that |
| 21 | | an alternative retail electric
supplier uses to comply with |
| 22 | | this Section. Any alternative gas
supplier that provides offers |
| 23 | | for the credit must provide a
verifiable disclosure statement |
| 24 | | to the renewable energy customer. |
| 25 | | (d) The tax credit may not reduce the taxpayer's liability |
| 26 | | to less than
zero and may not be carried forward to future |