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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5743 Introduced , by Rep. Dave Vella SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Creates an income tax credit for individuals who purchase an electric vehicle that is manufactured in whole or in part in Illinois. Provides that the credit is in the amount of $8,000. Effective immediately.
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| | A BILL FOR |
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| | HB5743 | | LRB102 27005 HLH 38263 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) For taxable years beginning on or after January 1, |
| 9 | | 2023, each individual taxpayer who purchases, during the |
| 10 | | taxable year, an electric vehicle that is manufactured in |
| 11 | | whole or in part in Illinois is entitled to a credit against |
| 12 | | the taxes imposed by subsections (a) and (b) of Section 201 in |
| 13 | | the amount of $8,000. |
| 14 | | (b) In no event shall a credit under this Section reduce |
| 15 | | the taxpayer's liability to less than zero. If the amount of |
| 16 | | the credit exceeds the tax liability for the year, the excess |
| 17 | | may be carried forward and applied to the tax liability of the |
| 18 | | 5 taxable years following the excess credit year. The tax |
| 19 | | credit shall be applied to the earliest year for which there is |
| 20 | | a tax liability. If there are credits for more than one year |
| 21 | | that are available to offset a liability, the earlier credit |
| 22 | | shall be applied first. |
| 23 | | (c) As used in this Section, "electric vehicle" has the |