SB 293

Abstract

Amends the Illinois Renewable Fuels Development Program Act. Requires the Department of Commerce and Economic Opportunity to establish and administer the Illinois Corn Grain to Fuel Research Consortium Assistance Program. Sets forth the purposes and conditions for the grant program. Sets forth the amounts of the grants. Specifies how these grant funds shall be allocated. Sets forth certain limitations on spending on the various Program grants. Amends the State Finance Act to create the Renewable Fuels Development Program Fund as a special fund in the State treasury to fund these grant programs. Sets forth certain conditions for the operation of this Fund. Provides for certain annual payments from the General Revenue Fund to the Renewable Fuels Development Program Fund. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Exempts from taxation under the Acts, that part of the selling price of motor fuel or gasohol that exceeds $2.50 per gallon. Makes other changes. Effective immediately.