92nd General Assembly
Summary of HB0017
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House Sponsors:
MITCHELL,BILL-MATHIAS, O'BRIEN, REITZ, BEAUBIEN, 
   OSMOND, MITCHELL,JERRY, WINKEL, SAVIANO, STEPHENS, 
   POE, BERNS, DURKIN, BOLAND AND O'CONNOR.

Short description: 
INCOME TAX-ETHANOL CREDITS                                                 

Synopsis of Bill 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 for each vehicle purchased 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  during  taxable  years  2002  through 2006.      
   Provides that the credits may not reduce the taxpayer's  liability  to      
   less than zero.  Effective January 1, 2002.                                 
        HOUSE AMENDMENT NO. 1.                                                 
        Replaces the $2,000 income tax credit for the purchase of an  E85      
   ethanol-powered  motor  vehicle with a credit of (i) $500 for each E85      
   ethanol-powered motor vehicle purchased during the  taxable  year  and      
   (ii)  for  each  of  the 3 taxable years following the taxable year of      
   purchase, $500 for each  vehicle  for  which  a  purchase  credit  was      
   allowed, if the taxpayer verifies that the taxpayer purchased at least      
   1,000  gallons  of E85 blend fuel during the taxable year for each E85      
   ethanol-powered motor vehicle for which a purchase credit was allowed.      
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   1     SENATE -   0


   END OF INQUIRY 



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