Illinois 2023-2024 Regular Session

Illinois House Bill HB3089 Compare Versions

Only one version of the bill is available at this time.

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1	1	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
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3089 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/240 new 35 ILCS 5/240 new
4	4	35 ILCS 5/240 new
5	5	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.
6	6	LRB103 30029 SPS 56450 b LRB103 30029 SPS 56450 b
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8	8	A BILL FOR
9	9	HB3089LRB103 30029 SPS 56450 b HB3089 LRB103 30029 SPS 56450 b
10	10	HB3089 LRB103 30029 SPS 56450 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 adding Section 240 as follows:
16	16	6 (35 ILCS 5/240 new)
17	17	7 Sec. 240. Electric bicycle credit.
18	18	8 (a) For taxable years beginning on or after January 1,
19	19	9 2023, a taxpayer shall be allowed a credit against the tax
20	20	10 imposed by subsections (a) and (b) of Section 201 in an amount
21	21	11 equal to 50% of the cost of any qualified electric bicycle
22	22	12 placed in service by the taxpayer during the taxable year. The
23	23	13 total credit allowed to a taxpayer may not exceed $1,000 for
24	24	14 all taxable years. To claim the credit, the taxpayer must
25	25	15 apply to the Department of Revenue for a certificate of credit
26	26	16 in the form and manner required by the Department of Revenue by
27	27	17 rule. If granted, the taxpayer shall attach a copy of the
28	28	18 certificate of credit to his or her Illinois income tax return
29	29	19 for the taxable year.
30	30	20 (b) In no event shall a credit under this Section reduce
31	31	21 the taxpayer's liability to less than zero. If the amount of
32	32	22 the credit exceeds the tax liability for the year, the excess
33	33	23 may be carried forward and applied to the tax liability of the
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3089 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/240 new 35 ILCS 5/240 new
39	39	35 ILCS 5/240 new
40	40	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.
41	41	LRB103 30029 SPS 56450 b LRB103 30029 SPS 56450 b
42	42	LRB103 30029 SPS 56450 b
43	43	A BILL FOR
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68	68	1 5 taxable years following the excess credit year. The tax
69	69	2 credit shall be applied to the earliest year for which there is
70	70	3 a tax liability. If there are credits for more than one year
71	71	4 that are available to offset a liability, the earlier credit
72	72	5 shall be applied first.
73	73	6 (c) As used in this Section, "qualified electric bicycle"
74	74	7 means a 2-wheeled or 3-wheeled vehicle that:
75	75	8 (1) is a class 1 low-speed electric bicycle, a class 2
76	76	9 low-speed electric bicycle, or a class 3 low-speed
77	77	10 electric bicycle, as those terms are defined in Section
78	78	11 1-140.10 of the Illinois Vehicle Code;
79	79	12 (2) the original use of which commences with the
80	80	13 taxpayer;
81	81	14 (3) is acquired for use by the taxpayer in the United
82	82	15 States and not for lease or resale; and
83	83	16 (4) is not property of a character subject to an
84	84	17 allowance for depreciation or amortization in the hands of
85	85	18 the taxpayer.
86	86	19 "Qualified electric bicycle" does not include any vehicle if
87	87	20 the aggregate amount paid for the acquisition of the vehicle
88	88	21 exceeds $8,000.
89	89	22 (d) No later than 3 years after the effective date of this
90	90	23 amendatory Act of the 103rd General Assembly, the Department
91	91	24 of Revenue shall report to the Governor and to the General
92	92	25 Assembly the number of tax credit certificates awarded under
93	93	26 this Section and the aggregate dollar amount of the tax credit
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104	104	1 certificates allowed.
105	105	2 Section 99. Effective date. This Act takes effect upon
106	106	3 becoming law.
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