Illinois HB3419 introduces a tax credit for manufacturers of renewable diesel in the state for rail carriers.
HB3419 amends the Illinois Income Tax Act to create a tax credit for manufacturers of renewable diesel in Illinois for use by rail carriers. The credit is $1 per gallon of renewable diesel manufactured in the state for rail carriers. To qualify, manufacturers must keep records of the number of gallons produced and verify that the diesel meets the definition of renewable diesel. If the credit exceeds the taxpayer's tax liability, the excess can be carried forward for up to 10 years. The credit cannot reduce the taxpayer's liability to less than zero.
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