Synopsis As Introduced Amends the Illinois Income Tax Act. Creates a $2,000 tax credit for each taxpayer who purchases a new E85 ethanol powered motor vehicle during the taxable year. Creates a $10,000 tax credit for each motor fuel retailer who installs one or more new E85 ethanol fuel dispensing pumps at his or her motor fuel retail store in Illinois during the taxable year. Provides that each of the credits applies to taxable years ending on or after December 31, 2005 and on or before December 30, 2010. Limits the vehicle credit to one vehicle and the pump credit to one year. Provides that the credits may not reduce the taxpayer's liability to less than zero. Effective January 1, 2006.
Deletes everything after the enacting clause. Reinserts the provisions of the bill as introduced with the following changes: Deletes the provisions concerning the tax credit for the purchase of E85 ethanol-powered motor vehicles. Provides that the credit for installing E85 ethanol fuel dispensing pumps expires with taxable years ending on or before December 30, 2008 (instead of December 30, 2010). Effective January 1, 2006.