Bill > SB3072

This bill amends the Illinois Income Tax Act to provide an income tax credit for businesses that incur "qualified infrastructure costs" at a "qualified retail motor fuel facility" in Illinois, which is a location selling motor fuel to the public. These costs are for installing or upgrading equipment like underground storage tanks, dispensers, and piping that are compatible with and necessary for selling higher blends of ethanol (more than 10% denatured ethanol mixed with gasoline, also known as gasohol), higher blends of biodiesel (more than 10% biodiesel mixed with diesel fuel), and renewable diesel (diesel fuel derived from biomass). The credit is equal to 30% of these qualified infrastructure costs, with a limit of $200,000 per facility and $1,000,000 per taxpayer annually, and any excess credit can be carried forward for up to five years. To receive this credit, businesses must continuously offer these higher fuel blends for sale for at least five years, with a temporary allowance to reduce biodiesel blends to 10% between December 1st and March 31st of the following year. The bill also specifies that the credit cannot reduce tax liability below zero and that rules will be established by state departments to administer the credit and verify compliance.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=3072&GAID=18&DocTypeID=SB&SessionID=114&GA=104