94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4210


 
Introduced 12/01/05, by Rep. William B. Black
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/216 new










    Amends the Illinois Income Tax Act. Provides that each
motor fuel retailer who installs one or more new E85 ethanol
fuel dispensing tank and pump combinations at his or her motor fuel retail store in
Illinois during State Fiscal Year 2007 is entitled to a an income tax credit
in the amount of $700. Provides that a motor fuel retailer is entitled to only one credit per retail store location. Provides that the credit may not be carried forward  or  back and may not reduce the taxpayer's
liability to less than zero. Effective immediately.
















LRB094 15141 BDD 50319 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB4210

LRB094 15141 BDD 50319 b






1
    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 installing E85 ethanol
fuel dispensing 
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tanks and pumps.
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    (a) Each
motor fuel retailer who installs one or more new 
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E85 ethanol
fuel dispensing tank and pump combinations at his 
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or her motor fuel retail store in
Illinois during State Fiscal 
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Year 2007 (July 1, 2006 through June 30, 2007) is entitled to a 
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credit
against the tax imposed by subsections (a) and (b) of 
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Section
201 in the amount of $700. A motor fuel retailer is 
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entitled to only one credit per retail store location.
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    (b) For purposes of this Section "E85
ethanol fuel 
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dispensing tank and pump combination" means a fuel tank and 
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related dispensing pump that
dispenses E85 blend fuel, which 
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consists of at least 85% ethanol
and no more than 15% gasoline.
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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.
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    (d) The credit may not be carried forward  or  back.   In  no

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event shall a credit under this Section reduce the taxpayer's

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liability to less than zero.
 

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    Section 99. Effective date. This Act takes effect upon 
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becoming law.