HB0387ham001 94TH GENERAL ASSEMBLY

Revenue Committee

Adopted in House on Feb 25, 2005

09400HB0387ham001 LRB094 06900 BDD 42018 a

AMENDMENT TO HOUSE BILL 387

AMENDMENT NO. ______. Amend House Bill 387 by replacing everything after the enacting clause with the following:

"Section 5. The Illinois Income Tax Act is amended by adding Section 217 as follows:

(35 ILCS 5/217 new)

Sec. 217. Single-year credit for installing E85 ethanol fuel dispensing pumps. For taxable years ending on or after December 31, 2005 and on or before December 30, 2008, each motor fuel retailer who installs one or more new E85 ethanol fuel dispensing pumps at his or her motor fuel retail store in Illinois during the taxable year is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 in the amount of $10,000. For purposes of this Section "E85 ethanol fuel dispensing pump" means a fuel dispensing pump that dispenses E85 blend fuel which consists of at least 85% ethanol and no more than 15% gasoline.

The same taxpayer may take this credit in only one taxable year. The tax credit may not reduce the taxpayer's liability to less than zero.

Section 99. Effective date. This Act takes effect on January 1, 2006.".