92nd General Assembly
Summary of HB5726
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House Sponsors:
MITCHELL,BILL.

Short description: 
INCOME TAX-ETHANOL CREDITS                                                 

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Creates a $2,000 tax  credit      
   for  each  taxpayer  who  purchases  a  new  E85 ethanol powered motor      
   vehicle for each vehicle purchased during the taxable year.  Creates a      
   $10,000 tax credit for 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.  Provides that  each      
   of  the  credits  applies to taxable years ending on or after December      
   31, 2002 and on or  before  December  30,  2007.   Provides  that  the      
   credits  may  not  reduce  the taxpayer's liability to less than zero.      
   Effective January 1, 2003.                                                  
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status