92nd General Assembly
Summary of SB0354
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Senate Sponsors:
RAUSCHENBERGER.

Short description: 
USE-OCC TAXES-ETHANOL CREDITS                                              

Synopsis of Bill as introduced:
        Amends the Use Tax Act, the Service  Use  Tax  Act,  the  Service      
   Occupation  Tax  Act,  and the Retailers' Occupation Tax Act.  Defines      
   "biomass material" as including, but not  being  limited  to,  soybean      
   oil,  other  vegetable oils, and denatured ethanol.  Provides that for      
   gasoline containing 10% ethanol and  for  diesel  fuel  containing  at      
   least  0.5% and no more than 10% biomass materials, Illinois retailers      
   of these products sold in Illinois are entitled to a credit, beginning      
   on January 1, 2002 and through December  31,  2005,  of  2  cents  per      
   gallon sold, and beginning on January 1, 2006 and through December 31,      
   2010,  of  1.5  cents per gallon sold.  Provides that for gasoline and      
   ethanol fuel blends containing at least 70% ethanol and no  more  than      
   30%  gasoline and for diesel and biomass fuel blends containing diesel      
   fuel and more than 10%  fuel  made  from  biomass  material,  Illinois      
   retailers of these products sold in Illinois are entitled to a credit,      
   beginning  on  January 1, 2002 and through December 31, 2005, for each      
   gallon sold, of (i) the percentage of ethanol or biomass  material  in      
   the  blend fuel multiplied by 10, then multiplied by (ii) 2 cents, and      
   beginning on January 1, 2006 and through December 31, 2010,  for  each      
   gallon  sold,  of (i) the percentage of ethanol or biomass material in      
   the blend fuel multiplied by 10, then multiplied by  (ii)  1.5  cents.      
   Ends the 30% tax reduction on sales of gasohol beginning on January 1,      
   2002.  Effective January 1, 2002.                                           
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: Senate

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


   END OF INQUIRY 



 Full Text  Bill Status