Illinois General Assembly - Full Text of HB5743
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Full Text of HB5743  102nd General Assembly




State of Illinois
2021 and 2022


Introduced , by Rep. Dave Vella


35 ILCS 5/232 new

    Amends the Illinois Income Tax Act. Creates an income tax credit for individuals who purchase an electric vehicle that is manufactured in whole or in part in Illinois. Provides that the credit is in the amount of $8,000. Effective immediately.

LRB102 27005 HLH 38263 b





HB5743LRB102 27005 HLH 38263 b

1    AN ACT concerning revenue.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Illinois Income Tax Act is amended by
5adding Section 232 as follows:
6    (35 ILCS 5/232 new)
7    Sec. 232. Electric vehicle credit.
8    (a) For taxable years beginning on or after January 1,
92023, each individual taxpayer who purchases, during the
10taxable year, an electric vehicle that is manufactured in
11whole or in part in Illinois is entitled to a credit against
12the taxes imposed by subsections (a) and (b) of Section 201 in
13the amount of $8,000.
14    (b) In no event shall a credit under this Section reduce
15the taxpayer's liability to less than zero. If the amount of
16the credit exceeds the tax liability for the year, the excess
17may be carried forward and applied to the tax liability of the
185 taxable years following the excess credit year. The tax
19credit shall be applied to the earliest year for which there is
20a tax liability. If there are credits for more than one year
21that are available to offset a liability, the earlier credit
22shall be applied first.
23    (c) As used in this Section, "electric vehicle" has the



HB5743- 2 -LRB102 27005 HLH 38263 b

1meaning given to that term in Section 10 of the Reimagining
2Electric Vehicles in Illinois Act.
3    (d) This Section is exempt from the provisions of Section
5    Section 99. Effective date. This Act takes effect upon
6becoming law.