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Sen. Don Harmon
Filed: 3/2/2012
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| 1 | | AMENDMENT TO SENATE BILL 3723
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| 2 | | AMENDMENT NO. ______. Amend Senate Bill 3723 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Illinois Income Tax Act is amended by |
| 5 | | adding Section 223 as follows:
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| 6 | | (35 ILCS 5/223 new) |
| 7 | | Sec. 223. Green energy credit. |
| 8 | | (a) For tax years
beginning on or after January 1, 2013, |
| 9 | | each taxpayer who, individually or through a municipal |
| 10 | | aggregation program, makes a purchase of (i) green energy, (ii) |
| 11 | | a renewable energy credit, or (iii) a carbon offset through an |
| 12 | | alternative retail electric supplier or an alternative gas |
| 13 | | supplier, as defined by the Public Utilities Act, during the |
| 14 | | taxable year is
entitled to a credit against the taxes imposed |
| 15 | | under
subsections (a) and (b) of Section 201 of this Act as |
| 16 | | provided
in this Section. If the taxpayer is a purchaser of |
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| 1 | | Illinois-based green energy, then the credit shall be in an |
| 2 | | amount equal to 5% of the amount expended on the purchase |
| 3 | | during the taxable year. If the taxpayer is a purchaser of |
| 4 | | green energy from a source outside of Illinois, then the credit |
| 5 | | shall be in an amount equal to 3% of the amount expended on the |
| 6 | | purchase. |
| 7 | | (b) Any alternative retail electric supplier that provides |
| 8 | | offers that are eligible for this credit must provide a |
| 9 | | verifiable disclosure statement to the green energy customer. |
| 10 | | For electricity, the quantity and source of green energy shall |
| 11 | | be independently verified through the PJM Environmental |
| 12 | | Information System Generation Attribute Tracking System |
| 13 | | (PJM-GATS) or the Midwest Renewable Energy Tracking System |
| 14 | | (M-RETS), which shall document the location of generation, |
| 15 | | resource type, month, and year of generation for all qualifying |
| 16 | | renewable energy resources that an alternative retail electric |
| 17 | | supplier uses to comply with this Section. Any alternative gas |
| 18 | | supplier that provides offers for the credit must provide a |
| 19 | | verifiable disclosure statement to the green energy customer. |
| 20 | | For natural gas, the quantity of natural gas sourced shall be |
| 21 | | verified by disclosure of the location of the landfill gas |
| 22 | | source, or, when using carbon offsets, the offsets must be |
| 23 | | verified by the Chicago Climate Exchange or a Chicago Climate |
| 24 | | Exchange approved verifier, including, but not limited to, the |
| 25 | | University of Illinois IlliniCarbon Project. |
| 26 | | (c) The tax credit may not reduce the taxpayer's liability |
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| 1 | | to less than
zero and may not be carried forward to future |
| 2 | | taxable years. |
| 3 | | (d) As used in this Section: |
| 4 | | "Green energy" has the same definition as "renewable energy |
| 5 | | resources" in Section 1-10 of the Illinois Power Agency Act. |
| 6 | | "Illinois-based green energy" means green energy that is |
| 7 | | produced solely within the State of Illinois. |
| 8 | | "Renewable energy credit" has the same definition as found |
| 9 | | in Section 1-10 of the Illinois Power Agency Act. |
| 10 | | "Carbon offset" means a verifiable certificate |
| 11 | | representing a reduction of one metric ton of carbon dioxide |
| 12 | | and other greenhouse gasses.
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| 13 | | Section 99. Effective date. This Act takes effect upon |
| 14 | | becoming law.".
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