92nd General Assembly
Summary of HB0045
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House Sponsors:
MITCHELL,BILL-MATHIAS, BOLAND AND POE.

Short description: 
INCOME TAX-ETHANOL CREDITS                                                 

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Creates a tax credit  for  a      
   motor  fuel retailer in the amount of $0.04 for each gallon of gasohol      
   sold in Illinois during the taxable year by that motor fuel  retailer.      
   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.                                                                    
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

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


   END OF INQUIRY 



 Full Text  Bill Status