HB 3221

Abstract

Amends the Illinois Income Tax Act. Provides that, beginning with taxable years ending on or after December 31, 2003, each taxpayer engaged in production in this State is entitled to an income tax credit in an amount equal to the amount spent by the taxpayer in the taxable year to pay taxes on electricity and natural gas purchased for the production purposes of the taxpayer. Provides that the Department shall establish by rule what constitutes "production". Provides that the tax credit may not reduce the taxpayer's liability to less than zero but may be carried forward for 5 taxable years. Exempts the credit from the sunset provisions of the Act.