HB 5362

Abstract

Amends the Illinois Income Tax Act. 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 the credit applies to taxable years ending on or after December 31, 2006 and on or before December 30, 2011. Limits the credit to one year. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.