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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB3506 Introduced 2/22/2021, by Rep. Maura Hirschauer SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who purchase an electric vehicle during the taxable year. Provides that the amount of the credit is equal to the purchase price of the vehicle. Provides that excess credit amounts may not be carried forward or back and shall not be refunded to the taxpayer. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB3506 | | LRB102 10663 HLH 15992 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | adding Section 232 as follows:
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| 6 | | (35 ILCS 5/232 new) |
| 7 | | Sec. 232. Electric vehicle credit. |
| 8 | | (a) Notwithstanding any other provision of law, for |
| 9 | | taxable years that begin on and after January 1, 2022 and begin |
| 10 | | prior to January 1, 2027, each taxpayer that makes a purchase |
| 11 | | of an electric vehicle during the taxable year is entitled to a |
| 12 | | credit against the tax imposed under subsections (a) and (b) |
| 13 | | of Section 201 in an amount equal to the purchase price of the |
| 14 | | vehicle. |
| 15 | | (b) In no event shall a credit under this Section reduce |
| 16 | | the taxpayer's liability under this Act to less than zero. |
| 17 | | Excess credit amounts may not be carried forward or back and |
| 18 | | shall not be refunded to the taxpayer. |
| 19 | | (c) As used in this Section, "electric vehicle" means a |
| 20 | | vehicle that is licensed to drive on public roadways, is |
| 21 | | predominantly powered by, and primarily refueled with, |
| 22 | | electricity, and does not have restrictions confining it to |
| 23 | | operate on only certain types of streets or roads.
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