HB 2523

Abstract

Amends the Illinois Income Tax Act. Creates a $500 tax credit for each taxpayer who purchases 1,000 gallons or more of motor fuel that contains more than 10% but not more than 30% ethanol and creates a $500 tax credit for each taxpayer who purchases 1,000 gallons or more of biodiesel blend that contains more than 5% biodiesel. Creates a $20,000 tax credit for each motor fuel retailer who installs one or more new fuel tanks and dispensing pumps that are used solely to dispense motor fuel that contains more than 10% but not more than 30% ethanol at his or her motor fuel retail store in Illinois during the taxable year. Creates a $20,000 tax credit for each motor fuel retailer who installs one or more new fuel tanks and dispensing pumps that are used solely to dispense biodiesel blend that contains more than 5% biodiesel 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, 2005 and on or before December 30, 2010. Limits each of the credits to one year. Provides that the credits may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective January 1, 2006.