103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3089 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED: 35 ILCS 5/240 new Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2023, a taxpayer shall be allowed a credit in an amount equal to 50% of the cost of any qualified electric bicycle placed in service by the taxpayer during the taxable year. Provides that the total credit allowed to a taxpayer may not exceed $1,000 for all taxable years. Provides that, to claim the credit, the taxpayer must apply to the Department of Revenue for a certificate of credit in the form and manner required by the Department by rule. Provides that no later than 3 years after the effective date of the amendatory Act, the Department shall report to the Governor and to the General Assembly the number of tax credit certificates awarded and the aggregate dollar amount of the tax credit certificates allowed. Effective immediately. LRB103 30029 SPS 56450 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3089 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED: 35 ILCS 5/240 new 35 ILCS 5/240 new Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2023, a taxpayer shall be allowed a credit in an amount equal to 50% of the cost of any qualified electric bicycle placed in service by the taxpayer during the taxable year. Provides that the total credit allowed to a taxpayer may not exceed $1,000 for all taxable years. Provides that, to claim the credit, the taxpayer must apply to the Department of Revenue for a certificate of credit in the form and manner required by the Department by rule. Provides that no later than 3 years after the effective date of the amendatory Act, the Department shall report to the Governor and to the General Assembly the number of tax credit certificates awarded and the aggregate dollar amount of the tax credit certificates allowed. Effective immediately. LRB103 30029 SPS 56450 b LRB103 30029 SPS 56450 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3089 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED:
35 ILCS 5/240 new 35 ILCS 5/240 new
35 ILCS 5/240 new
Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2023, a taxpayer shall be allowed a credit in an amount equal to 50% of the cost of any qualified electric bicycle placed in service by the taxpayer during the taxable year. Provides that the total credit allowed to a taxpayer may not exceed $1,000 for all taxable years. Provides that, to claim the credit, the taxpayer must apply to the Department of Revenue for a certificate of credit in the form and manner required by the Department by rule. Provides that no later than 3 years after the effective date of the amendatory Act, the Department shall report to the Governor and to the General Assembly the number of tax credit certificates awarded and the aggregate dollar amount of the tax credit certificates allowed. Effective immediately.
LRB103 30029 SPS 56450 b LRB103 30029 SPS 56450 b
LRB103 30029 SPS 56450 b
A BILL FOR
HB3089LRB103 30029 SPS 56450 b HB3089 LRB103 30029 SPS 56450 b
HB3089 LRB103 30029 SPS 56450 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Income Tax Act is amended by
5 adding Section 240 as follows:
6 (35 ILCS 5/240 new)
7 Sec. 240. Electric bicycle credit.
8 (a) For taxable years beginning on or after January 1,
9 2023, a taxpayer shall be allowed a credit against the tax
10 imposed by subsections (a) and (b) of Section 201 in an amount
11 equal to 50% of the cost of any qualified electric bicycle
12 placed in service by the taxpayer during the taxable year. The
13 total credit allowed to a taxpayer may not exceed $1,000 for
14 all taxable years. To claim the credit, the taxpayer must
15 apply to the Department of Revenue for a certificate of credit
16 in the form and manner required by the Department of Revenue by
17 rule. If granted, the taxpayer shall attach a copy of the
18 certificate of credit to his or her Illinois income tax return
19 for the taxable year.
20 (b) In no event shall a credit under this Section reduce
21 the taxpayer's liability to less than zero. If the amount of
22 the credit exceeds the tax liability for the year, the excess
23 may be carried forward and applied to the tax liability of the
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3089 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED:
35 ILCS 5/240 new 35 ILCS 5/240 new
35 ILCS 5/240 new
Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2023, a taxpayer shall be allowed a credit in an amount equal to 50% of the cost of any qualified electric bicycle placed in service by the taxpayer during the taxable year. Provides that the total credit allowed to a taxpayer may not exceed $1,000 for all taxable years. Provides that, to claim the credit, the taxpayer must apply to the Department of Revenue for a certificate of credit in the form and manner required by the Department by rule. Provides that no later than 3 years after the effective date of the amendatory Act, the Department shall report to the Governor and to the General Assembly the number of tax credit certificates awarded and the aggregate dollar amount of the tax credit certificates allowed. Effective immediately.
LRB103 30029 SPS 56450 b LRB103 30029 SPS 56450 b
LRB103 30029 SPS 56450 b
A BILL FOR
35 ILCS 5/240 new
LRB103 30029 SPS 56450 b
HB3089 LRB103 30029 SPS 56450 b
HB3089- 2 -LRB103 30029 SPS 56450 b HB3089 - 2 - LRB103 30029 SPS 56450 b
HB3089 - 2 - LRB103 30029 SPS 56450 b
1 5 taxable years following the excess credit year. The tax
2 credit shall be applied to the earliest year for which there is
3 a tax liability. If there are credits for more than one year
4 that are available to offset a liability, the earlier credit
5 shall be applied first.
6 (c) As used in this Section, "qualified electric bicycle"
7 means a 2-wheeled or 3-wheeled vehicle that:
8 (1) is a class 1 low-speed electric bicycle, a class 2
9 low-speed electric bicycle, or a class 3 low-speed
10 electric bicycle, as those terms are defined in Section
11 1-140.10 of the Illinois Vehicle Code;
12 (2) the original use of which commences with the
13 taxpayer;
14 (3) is acquired for use by the taxpayer in the United
15 States and not for lease or resale; and
16 (4) is not property of a character subject to an
17 allowance for depreciation or amortization in the hands of
18 the taxpayer.
19 "Qualified electric bicycle" does not include any vehicle if
20 the aggregate amount paid for the acquisition of the vehicle
21 exceeds $8,000.
22 (d) No later than 3 years after the effective date of this
23 amendatory Act of the 103rd General Assembly, the Department
24 of Revenue shall report to the Governor and to the General
25 Assembly the number of tax credit certificates awarded under
26 this Section and the aggregate dollar amount of the tax credit
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HB3089- 3 -LRB103 30029 SPS 56450 b HB3089 - 3 - LRB103 30029 SPS 56450 b
HB3089 - 3 - LRB103 30029 SPS 56450 b
1 certificates allowed.
2 Section 99. Effective date. This Act takes effect upon
3 becoming law.
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