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