94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB5362


 
Introduced 01/26/06, by Rep. Jim Sacia
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/217 new










    Amends the Illinois Income Tax Act. Creates a
$20,000 tax credit for each motor fuel retailer who installs one or more new fuel tanks and  dispensing pumps  that are used solely to dispense biodiesel blend that contains more than 5% biodiesel at his or her motor fuel retail store in
Illinois during the taxable year. Provides that the credit applies
to taxable years ending on or after December 31, 2006 and on or before December
30, 2011.  Limits the credit to one year. 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.
















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FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB5362

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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 217 as follows:
 
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    (35 ILCS 5/217  new)
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    Sec. 217. Single-year tax credits for installing biodiesel 
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fuel pumps.
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    (a) For taxable years ending on or after December 31, 2006 
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and on or before
December 30,
2011, each motor fuel retailer 
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who installs,  at his or her motor fuel retail
store in Illinois 
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during the taxable year, one
or more new fuel tanks and  
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dispensing pumps  that are used solely to dispense biodiesel 
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blend that contains more than 5% biodiesel 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 $20,000. The same taxpayer may 
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take this credit in only one taxable year.
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    (b) If the taxpayer is a partnership or Subchapter S

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corporation,  the  credits  are 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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    (c) The credits may not be carried forward  or  back.   In  no

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

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liability to less than zero.
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    (d) The Department must adopt rules to administer this 
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Section.
 

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