Revenue Committee

Adopted in House on Feb 25, 2005

 

 


 

 


 
09400HB0387ham001 LRB094 06900 BDD 42018 a

1
AMENDMENT TO HOUSE BILL 387

2     AMENDMENT NO. ______. Amend House Bill 387 by replacing
3 everything after the enacting clause with the following:
 
4     "Section 5. The Illinois Income Tax Act is amended by
5 adding Section 217 as follows:
 
6     (35 ILCS 5/217 new)
7     Sec. 217. Single-year credit for installing E85 ethanol
8 fuel dispensing pumps. For taxable years ending on or after
9 December 31, 2005 and on or before December 30, 2008, each
10 motor fuel retailer who installs one or more new E85 ethanol
11 fuel dispensing pumps at his or her motor fuel retail store in
12 Illinois during the taxable year is entitled to a credit
13 against the tax imposed by subsections (a) and (b) of Section
14 201 in the amount of $10,000. For purposes of this Section "E85
15 ethanol fuel dispensing pump" means a fuel dispensing pump that
16 dispenses E85 blend fuel which consists of at least 85% ethanol
17 and no more than 15% gasoline.
18     The same taxpayer may take this credit in only one taxable
19 year. The tax credit may not reduce the taxpayer's liability to
20 less than zero.
 
21     Section 99. Effective date. This Act takes effect on
22 January 1, 2006.".