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, 2003 and on or before December 30, 2008. Provides that the credits may not reduce the taxpayer's liability to less than zero. Effective January 1, 2004.
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Session Sine Die
Rule 19(a) / Re-referred to Rules Committee
Assigned to Revenue Committee
Chief Co-Sponsor Rep. Ronald A. Wait
Chief Co-Sponsor Rep. Sidney H. Mathias
Co-Sponsor Rep. Elizabeth Coulson
Filed with the Clerk by Rep. Rich Brauer
Co-Sponsor Rep. Sandra M. Pihos
Referred to Rules Committee
Co-Sponsor Rep. Randall M. Hultgren
Chief Co-Sponsor Rep. Bill Mitchell
Chief Co-Sponsor Rep. Dave Winters
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