103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB1250

 

Introduced 1/31/2023, by Rep. Michael T. Marron

 

SYNOPSIS AS INTRODUCED:
 
5 ILCS 100/5-45.34 new
35 ILCS 5/240 new

    Amends the Illinois Income Tax Act. Creates an energy price relief income tax credit. Sets forth the amount of the credit, which shall be a percentage of the total amount paid by the taxpayer during the taxable year for energy supplied to a property in the State. Provides that the Department of Commerce and Economic Opportunity may award no more than $50,000,000 in credits under these provisions in any fiscal year. Provides that the credit may be carried forward. Amends the Illinois Administrative Procedure Act to provide for emergency rulemaking. Effective immediately.


LRB103 05265 SPS 50283 b

 

 

A BILL FOR

 

HB1250LRB103 05265 SPS 50283 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 3. The Illinois Administrative Procedure Act is
5amended by adding Section 5-45.34 as follows:
 
6    (5 ILCS 100/5-45.34 new)
7    Sec. 5-45.34. Emergency rulemaking. To provide for the
8expeditious and timely implementation of this amendatory Act
9of the 103rd General Assembly, emergency rules implementing
10this amendatory Act of the 103rd General Assembly may be
11adopted in accordance with Section 5-45 by the Department of
12Commerce and Economic Opportunity. The adoption of emergency
13rules authorized by Section 5-45 and this Section is deemed to
14be necessary for the public interest, safety, and welfare.
15    This Section is repealed one year after the effective date
16of this amendatory Act of the 103rd General Assembly.
 
17    Section 5. The Illinois Income Tax Act is amended by
18adding Section 240 as follows:
 
19    (35 ILCS 5/240 new)
20    Sec. 240. Energy price relief credit.
21    (a) Subject to the limitations set forth in subsection

 

 

HB1250- 2 -LRB103 05265 SPS 50283 b

1(c), for taxable years beginning on or after January 1, 2023,
2each taxpayer who is liable for making payments for energy
3supplied to a property in the State is entitled to a credit
4against the tax imposed under subsections (a) and (b) of
5Section 201 of this Act as provided in subsection (b). If the
6property is subject to a lease agreement, then the lessee is
7deemed to be liable for making payments for energy if the terms
8of the lease require the lessee to make those payments or the
9lessee provides to the Department of Commerce and Economic
10Opportunity such other evidence of the lessee's obligation to
11make those payments as may be accepted by the Department of
12Commerce and Economic Opportunity.
13    (b) The amount of the credit under this Section shall be
14the product that results from multiplying: (i) the total
15amount paid by the taxpayer during the taxable year for energy
16supplied to a property in the State; by (ii) the percentage
17increase during the taxable year in the Consumer Price Index
18for All Urban Consumers for the Midwest Region: Electricity in
19U.S. City Average, published by the United States Department
20of Labor, Bureau of Labor Statistics; and then by (iii) 0.1.
21    (c) Each taxpayer who claims a credit under this Section
22shall apply for a certificate of eligibility from the
23Department of Commerce and Economic Opportunity. The
24Department of Commerce and Economic Opportunity may award no
25more than $50,000,000 in credits under this Section in any
26State fiscal year. Credits shall be awarded on a

 

 

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1first-come-first-served basis. The Department of Commerce and
2Economic Opportunity shall adopt rules to implement this
3Section, including, but not limited to, rules concerning the
4allocation of credits when more than one taxpayer is entitled
5to claim a credit under this Section for the same utility
6payment.
7    (d) In no event shall a credit under this Section reduce a
8taxpayer's liability to less than zero. If the amount of the
9credit exceeds the tax liability for the year, the excess may
10be carried forward and applied to the tax liability for the 5
11taxable years following the excess credit year. The tax credit
12shall be applied to the earliest year for which there is a tax
13liability. If there are credits for more than one year that are
14available to offset liability, then the earlier credit shall
15be applied first.
16    (e) This Section is exempt from the provisions of Section
17250.
 
18    Section 99. Effective date. This Act takes effect upon
19becoming law.