IL SB3147

Creates the Efficient and Green Illinois Tax Credit Act, effective upon becoming law, allowing taxpayers to claim tax credits against Illinois income tax liability for qualifying energy efficiency and renewable energy projects beginning in tax year 2010.

Defines eligible "energy efficiency projects" including solar equipment, geothermal heat pumps, lighting retrofits achieving 30% energy reduction, wind equipment, green roofs, and WaterSense-certified water conservation products.

Establishes a 25% tax credit on the cost of approved energy efficiency projects and 25% of costs paid for environmental attributes of renewable energy resources, as determined by the Department of Commerce and Economic Opportunity.

Allows unused tax credits to carry forward for up to 5 years if they exceed annual tax liability, and caps total credits approved in any single tax year at $40,000,000.

Requires applicants to file Department-prescribed applications and maintain proper accounting records subject to Department inspection and audit.