SB3072

Illinois SB3072 provides an income tax credit for qualified infrastructure costs related to biodiesel, ethanol, and renewable diesel.

Illinois SB3072 amends the Illinois Income Tax Act to allow a tax credit for qualified infrastructure costs related to biodiesel, ethanol, and renewable diesel. The credit is equal to 30% of the costs, up to $200,000 per facility and $1,000,000 per taxpayer per year. The Department of Revenue, in consultation with other agencies, will adopt rules to administer this credit. The credit cannot reduce a taxpayer's liability to less than zero and can be carried forward for up to five years if unused.