Bill Status of HB1402 95th General Assembly
Short Description: E85 INSTALLATION
Rep. Roger L. Eddy - Ron Stephens - Sandra M. Pihos, Patrick J Verschoore, Brandon W. Phelps and Sandy Cole
| 1/13/2009||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Motor Fuel Sales Act. Requires that, no later than December 31, 2012, there must be installed, at each gasoline station or service station, one or more new E85 ethanol fuel dispensing pumps. Amends the Illinois Income Tax Act. Creates a tax credit, for taxable years ending on or after December 31, 2007 and on or before December 30, 2017, for taxpayers who install a new E85 ethanol fuel dispensing pump at a gasoline station or service station in Illinois during the taxable year in the amount equal to the cost of that installation. Provides that the credit: (i) may not exceed $80,000 per pump: (ii) may not be claimed in any one taxable year in an amount exceeding $20,000 per pump, but any excess amount may be carried forward; and (iii) may not be claimed with respect to the installation of more than one E85 ethanol fuel dispensing pump at any one station. Provides that the credit may be carried forward for 4 years. Effective immediately.