Illinois SB2024 creates a tax credit for manufacturers of renewable diesel used by rail carriers.
Illinois SB2024 amends the Illinois Income Tax Act to establish a tax credit for taxpayers who manufacture renewable diesel in Illinois for use by rail carriers. The credit amounts to $1 per gallon of renewable diesel produced in the state for rail carriers. The credit can be carried forward to offset tax liabilities in subsequent years if it exceeds the current year's tax liability. The credit is exempt from certain provisions and requires documentation to be submitted to the Department for verification.
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