Full Text of SB0016 94th General Assembly
SB0016sam001 94TH GENERAL ASSEMBLY
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Sen. Deanna Demuzio
Filed: 4/11/2005
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| AMENDMENT TO SENATE BILL 16
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| AMENDMENT NO. ______. Amend Senate Bill 16 by replacing | 3 |
| everything after the enacting clause with the following:
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| "Section 5. The Department of Commerce and Economic | 5 |
| Opportunity Law of the
Civil Administrative Code of Illinois is | 6 |
| amended by adding Section 605-750 as follows: | 7 |
| (20 ILCS 605/605-750 new) | 8 |
| Sec. 605-750. Power For Jobs Program. | 9 |
| (a) The Department may establish and maintain a pilot | 10 |
| program to ensure the availability and affordability of | 11 |
| electric service to businesses that are considering relocating | 12 |
| outside of Illinois or businesses that wish to locate to | 13 |
| Illinois. Under this program, participating energy providers | 14 |
| shall receive an income tax credit for discounting certified | 15 |
| amounts from the energy bill of an approved business during | 16 |
| Fiscal Year 2007 and Fiscal Year 2008. The Department must | 17 |
| adopt rules to implement and administer this program. | 18 |
| (b) The Department must accept and seek applications from | 19 |
| businesses. The Department must determine, by a hearing, what | 20 |
| businesses may receive energy assistance under the program and | 21 |
| the amount of the assistance, which may not exceed 10% of a | 22 |
| business' energy bill. | 23 |
| In determining assistance awards under the program, the | 24 |
| Department must consider all of the following factors: |
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| (1) whether the business receives or will receive | 2 |
| energy from a participating energy provider; | 3 |
| (2) whether the business is considering relocation of | 4 |
| its Illinois facilities; | 5 |
| (3) whether the business is considering relocating to, | 6 |
| expanding, or creating a business in Illinois; | 7 |
| (4) the size of the business; | 8 |
| (5) the economic status of the region in which the | 9 |
| business is or will be located; and | 10 |
| (6) the financial need of the business. | 11 |
| (c) If an assistance amount has been approved for a | 12 |
| business under subsection (b), then any participating energy | 13 |
| providers that provide energy to that business shall discount | 14 |
| the amount determined by the Department from the energy bill of | 15 |
| the business. The discounted amount shall be taken before taxes | 16 |
| and other governmental fees are assessed. The Department shall | 17 |
| certify the amount discounted by the participating energy | 18 |
| provider for fiscal years beginning July 1, 2006 and ending | 19 |
| June 30, 2008. | 20 |
| (d) For purposes of this Section, "participating energy | 21 |
| provider" means any utility, public utility, municipal | 22 |
| utility, cooperative utility, or any other person that provides | 23 |
| energy services and elects to provide discounted services in | 24 |
| exchange for a tax credit under this program. | 25 |
| Energy costs that are eligible for assistance under this | 26 |
| Section include, without limitation, energy used in the | 27 |
| manufacturing process, natural gas, heat, cooling, light, | 28 |
| electricity, or other power regardless of its source or its | 29 |
| manner of conversion, transmission, or storage. | 30 |
| (e) The Department may not approve any energy assistance | 31 |
| amounts after June 30, 2007 and may not certify any amount for | 32 |
| a tax credit for any taxable year ending after December 31, | 33 |
| 2009. The aggregate amount certified by the Department may not | 34 |
| exceed $1,000,000 in any one fiscal year. |
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| (f) On or before February 1, 2008, the Department must | 2 |
| report to the General Assembly the following information: | 3 |
| (1) the number of jobs created or retained due to the | 4 |
| pilot program; | 5 |
| (2) the number of businesses assisted; and | 6 |
| (3) an assessment of the cost and of the economic | 7 |
| benefit of the program. | 8 |
| Section 10. The Illinois Income Tax Act is amended by | 9 |
| adding Section 216 as follows: | 10 |
| (35 ILCS 5/216 new) | 11 |
| Sec. 216. Power For Jobs Program credit. | 12 |
| (a) For tax credits accumulated from July 1, 2006 to | 13 |
| December 31, 2006 as provided in subsection (c) of Section | 14 |
| 605-750 of the Civil Administrative Code of Illinois and for | 15 |
| credits accumulated on or before December 30, 2009, each | 16 |
| taxpayer that is a participating energy provider under Section | 17 |
| 605-750 of the Department of Commerce and Economic Opportunity | 18 |
| Law of the
Civil Administrative Code of Illinois is entitled to | 19 |
| a credit against the tax imposed by subsections (a) and (b) of | 20 |
| Section 201 in an amount equal to the amount certified by the | 21 |
| Department of Commerce and Economic Opportunity under that | 22 |
| Section 605-750. | 23 |
| (b) If the taxpayer is a partnership or Subchapter S
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| corporation, the credit is allowed to the partners or
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| shareholders in accordance with the determination of income
and | 26 |
| distributive share of income under Sections 702 and 704
and | 27 |
| Subchapter S of the Internal Revenue Code. | 28 |
| (c) The credit may not be carried forward or back. In no
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| event shall a credit under this Section reduce the taxpayer's
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| liability to less than zero.
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law.".
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