Bill Status of HB4947 94th General Assembly
Short Description: INCOME TAX-ETHANOL CREDITS
Rep. Eddie Washington - Sidney H. Mathias - Deborah L. Graham, Lisa M. Dugan, Charles E. Jefferson, John D'Amico, Linda Chapa LaVia, Daniel V. Beiser and Terry R. Parke
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a $1,000 tax credit for each taxpayer who purchases a new E85 ethanol powered motor vehicle during the taxable year. Creates a $5,000 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. 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 immediately.