92nd General Assembly
Status of HB5726
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 Full Text  Bill Summary

   35 ILCS 5/215 new                                                           
   35 ILCS 5/216 new                                                           

        Amends the Illinois Income Tax Act.  Creates a $2,000 tax  credit      
   for  each  taxpayer  who  purchases  a  new  E85 ethanol powered motor      
   vehicle for each vehicle purchased during the taxable year.  Creates a      
   $10,000 tax credit for each motor fuel retailer who  installs  one  or      
   more  new  E85  ethanol fuel dispensing pumps 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, 2002 and on or  before  December  30,  2007.   Provides  that  the      
   credits  may  not  reduce  the taxpayer's liability to less than zero.      
   Effective January 1, 2003.                                                  
   FEB-07-2002  H  FILED WITH CLERK                                               
   FEB-07-2002  H  FIRST READING                                                  
   FEB-07-2002  H  REFERRED TO HOUSE RULES COMMITTEE        RULES                 
   JAN-07-2003  H  SESSION SINE DIE                                               


 Full Text  Bill Summary