94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4163


 
Introduced 10/27/2005, by Rep. William B. Black
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/216 new










    Amends the Illinois Income Tax Act. For tax years ending on or after December 31, 2007 through tax years ending on or before December 30, 2008, creates a $500 income tax credit for each
taxpayer who
purchases, at retail during the tax year, a
 hybrid vehicle or a flexible fuel vehicle. Provides that the credit does not apply to any motor vehicle that was modified to be a hybrid vehicle or alternate fuel vehicle at any time after the vehicle was originally manufactured. Provides that the credit may not be carried forward  or  back, and may not    reduce the taxpayer's
liability to less than zero.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4163

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    AN ACT concerning revenue.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Income Tax Act is amended  by adding 
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Section 216 as follows:
 
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    (35 ILCS 5/216  new)
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    Sec. 216. Credit for the purchase of fuel-efficient motor 
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vehicles.
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    (a) For tax years ending on or after December 31, 2007 
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through tax years ending on or before December 30, 2008, each

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taxpayer who
purchases, at retail during the tax year, a
 hybrid 
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vehicle or a flexible fuel vehicle is entitled to a credit in 
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the amount of $500 against the tax
imposed by
subsections (a) 
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and (b) of Section 201.
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    (b) For the purposes of this Section:
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    "Hybrid vehicle" means a motor vehicle that is propelled by 
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a combination of an electric motor and an internal combustion 
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engine or other power source.
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    "Alternate fuel vehicle" means a motor vehicle that is 
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capable of running on liquid petroleum gas, natural gas, E85 
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blend fuel, fuel composed of a minimum 80% ethanol, 80% 
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bio-based methanol, fuels that are at least 80% derived from 
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biomass, or hydrogen fuel.
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    This Section does not apply to any motor vehicle that was 
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modified to be a hybrid vehicle or alternate fuel vehicle at 
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any time after the vehicle was originally manufactured.
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    (c) If the taxpayer is a partnership or Subchapter S

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corporation,  the  credit  is  allowed  to  the  partners  or

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shareholders in accordance with the determination  of  income
and  
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distributive  share of income under Sections 702 and 704
and  
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Subchapter  S  of  the  Internal   Revenue   Code. The credit may not 
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be carried forward  or  back.   In  no
event shall a credit under 
 


 






HB4163
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this Section reduce the taxpayer's
liability to less than zero.