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 Full Text Bill Status