102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
Introduced , by Rep. Dave Vella
SYNOPSIS AS INTRODUCED:
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.
A BILL FOR
|HB5743||LRB102 27005 HLH 38263 b|
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Income Tax Act is amended by
adding Section 232 as follows:
(35 ILCS 5/232 new)
Electric vehicle credit.
(a) For taxable years beginning on or after January 1,
2023, each individual taxpayer who purchases, during the
taxable year, an electric vehicle that is manufactured in
whole or in part in Illinois is entitled to a credit against
the taxes imposed by subsections (a) and (b) of Section 201 in
the amount of $8,000.
(b) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero. If the amount of
the credit exceeds the tax liability for the year, the excess
may be carried forward and applied to the tax liability of the
5 taxable years following the excess credit year. The tax
credit shall be applied to the earliest year for which there is
a tax liability. If there are credits for more than one year
that are available to offset a liability, the earlier credit
shall be applied first.
(c) As used in this Section, "electric vehicle" has the