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IL SB3723
Bill
AI Summary
- Adds Section 223 to the Illinois Income Tax Act establishing a renewable energy tax credit for tax years beginning January 1, 2013 or later
- Taxpayers who purchase renewable energy (green energy or renewable energy credits) beyond statutory requirements through alternative retail electric suppliers receive a credit against state income taxes
- Credit equals 5% of purchase amount if renewable energy is produced solely in Illinois, or 3% if produced outside Illinois
- Renewable energy suppliers must provide verifiable disclosure statements and verify energy sources through PJM-GATS or M-RETS tracking systems documenting generation location, resource type, and timing
- Tax credit cannot reduce liability below zero and cannot be carried forward to future tax years
Legislative Description
INC TX-CREDIT FOR GREEN POWER
Last Action
Session Sine Die
1/8/2013
Committee Referrals
Assignments7/1/2012
Revenue2/24/2012
Assignments2/10/2012
Full Bill Text
No bill text available