IL HB3089

Allows Illinois taxpayers a tax credit equal to 50% of the cost of a qualified electric bicycle placed in service during the taxable year, applicable to tax years beginning on or after January 1, 2023.

Limits the total credit to a maximum of $1,000 per taxpayer across all taxable years.

Defines "qualified electric bicycle" as a 2 or 3-wheeled vehicle classified as Class 1, 2, or 3 low-speed electric bicycle under Illinois Vehicle Code, with original use commencing with the taxpayer, costing no more than $8,000, and not subject to depreciation allowances.

Allows unused credits exceeding the taxpayer's tax liability in a given year to be carried forward and applied to tax liabilities in the following 5 taxable years, with earlier credits applied first.

Requires the Department of Revenue to report to the Governor and General Assembly within 3 years on the number of tax credit certificates awarded and aggregate dollar amount of credits allowed.