SB 2712

Abstract

Amends the Illinois Renewable Fuels Development Program Act. Prohibits the Department of Commerce and Economic Opportunity from approving any grant for the new construction of a renewable fuel plant unless the applicant provides proof of financial backing and identifies investors in the project. Provides that grant awards are subject to appropriation from the Renewable Fuels Development Program Fund (now, the Build Illinois Bond Fund). Deletes the $15,000,000 limit on grant awards. Creates the Renewable Fuels Development Program Fund to be used by the Department for the purposes of the Renewable Fuels Development Program. Amends the State Finance Act. Exempts the Renewable Fuels Development Program Fund and the Underground Storage Tank Fund from the Act's administrative charge-back provisions. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Provides that certain distillation machinery and equipment used for the production of renewable fuel is exempt from taxation under the Acts. Provides that 5% of the proceeds collected under the Acts from the tax on the sale or use of motor fuel must be deposited into the Renewable Fuels Development Program Fund and 5% must be deposited into the Underground Storage Tank Fund. Effective immediately.