Bill Text: IL SB3723 | 2011-2012 | 97th General Assembly | Amended
Bill Title: Amends the Illinois Income Tax Act. Creates a credit for taxpayers who make a purchase of green power during the taxable year. Provides that the credit shall be in an amount equal to 5% of the amount expended if the taxpayer is a purchaser of Illinois-based green power and 3% of the amount expended if the taxpayer is a purchaser of green power from a source outside of Illinois. Defines "green power" as electricity or natural gas produced from renewable or non-polluting technologies including, but not limited to, air turbines (windmills), geothermal power plants, hydropower plants, solar cells or biomass. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [SB3723 Detail]
Download: Illinois-2011-SB3723-Amended.html
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1 | AMENDMENT TO SENATE BILL 3723
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2 | AMENDMENT NO. ______. Amend Senate Bill 3723, AS AMENDED, | ||||||
3 | by replacing everything after the enacting clause with the | ||||||
4 | following:
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5 | "Section 5. The Illinois Income Tax Act is amended by | ||||||
6 | adding Section 223 as follows:
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7 | (35 ILCS 5/223 new) | ||||||
8 | Sec. 223. Renewable energy credit. | ||||||
9 | (a) For tax years beginning on or after January 1, 2013,
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10 | each taxpayer who, individually or through a municipal
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11 | aggregation program, makes a purchase, in excess of any amount | ||||||
12 | required by Section 1-75 of the Illinois Power Agency Act and | ||||||
13 | Section 16-115D of the Public Utilities Act, of renewable | ||||||
14 | energy, which is defined as (i) green energy or (ii) renewable | ||||||
15 | energy credits, through an
alternative retail electric | ||||||
16 | supplier, as defined by the Public Utilities Act, or any |
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1 | supplier capable of providing verification as required by this | ||||||
2 | Section during the
taxable year is entitled to a credit against | ||||||
3 | the taxes imposed
under subsections (a) and (b) of Section 201 | ||||||
4 | of this Act as
provided in this Section. | ||||||
5 | (b) If the renewable energy is produced solely within the | ||||||
6 | State of Illinois, then the credit shall be in an
amount equal | ||||||
7 | to 5% of the amount expended on the purchase
during the taxable | ||||||
8 | year. If the renewable energy is from a source outside of | ||||||
9 | Illinois, then the credit
shall be in an amount equal to 3% of | ||||||
10 | the amount expended on the
purchase. | ||||||
11 | (c) Any alternative retail electric supplier or supplier of | ||||||
12 | renewable energy that provides
offers that are eligible for | ||||||
13 | this credit must provide a
verifiable disclosure statement to | ||||||
14 | the renewable energy customer.
For electricity, the quantity | ||||||
15 | and source of renewable energy shall
be independently verified | ||||||
16 | through the PJM Environmental
Information System Generation | ||||||
17 | Attribute Tracking System
(PJM-GATS) or the Midwest Renewable | ||||||
18 | Energy Tracking System
(M-RETS), which shall document the | ||||||
19 | location of generation,
resource type, month, and year of | ||||||
20 | generation for all qualifying
renewable energy resources that | ||||||
21 | an alternative retail electric
supplier uses to comply with | ||||||
22 | this Section. Any alternative gas
supplier that provides offers | ||||||
23 | for the credit must provide a
verifiable disclosure statement | ||||||
24 | to the renewable energy customer. | ||||||
25 | (d) The tax credit may not reduce the taxpayer's liability | ||||||
26 | to less than
zero and may not be carried forward to future |
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1 | taxable years. | ||||||
2 | (e) As used in this Section: | ||||||
3 | "Green energy" has the same definition as "renewable energy
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4 | resources" in Section 1-10 of the Illinois Power Agency Act. | ||||||
5 | "Renewable energy credit" has the same definition as found
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6 | in Section 1-10 of the Illinois Power Agency Act.
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7 | Section 99. Effective date. This Act takes effect upon | ||||||
8 | becoming law.".
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