REVENUE-GREEN ENERGY

Creates the Illinois Energy Transition Zone Act. Provides for the certification by the Department of Commerce and Economic Opportunity of municipal ordinances designating an area as an Energy Transition Zone. Provides that green energy enterprises located in Energy Transition Zones shall be eligible to apply for certain tax incentives. Provides that a green energy enterprise is a company that is engaged in the production of solar energy, wind energy, water energy, geothermal energy, bioenergy, or hydrogen fuel and cells. Contains provisions concerning qualifications and applications. Creates the Energy Transition Tax Credit Act. Provides that the Department of Commerce and Economic Opportunity shall make income tax credit awards under the Act to foster job creation and the development of green energy in Energy Transition Zones. Amends the Illinois Income Tax Act, the Retailers' Occupation Tax Act, and the Public Utilities Act to make conforming changes concerning tax incentives. Effective immediately. Senate Floor Amendment No. 2 Deletes reference to: 35 ILCS 5/201 Adds reference to: 20 ILCS 655/8.1 35 ILCS 5/232 new 35 ILCS 5/233 new Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with changes. Provides that certain tax incentives created in the introduced bill take effect on January 1, 2022 (in the introduced bill, January 1, 2021). Removes certain obsolete cross-references. Makes formatting changes concerning tax credits and adds conforming changes to the Illinois Income Tax Act. With respect to the investment credit created in the introduced bill, requires the Department of Commerce and Economic Opportunity to provide a tax credit certificate indicating the credit amount and the year in which the property is placed in service. Amends the Illinois Enterprise Zone Act. Provides for the decertification of Enterprise Zones if 80% or more of the businesses receiving tax incentives within that Enterprise Zone fail to submit certain required information. Effective immediately. Senate Floor Amendment No. 3 Adds reference to: 820 ILCS 130/2 from Ch. 48, par. 39s-2 Adds provisions to the Illinois Energy Transition Zone Act to provide that green energy enterprise projects shall comply with the requirements of the Prevailing Wage Act. Amends the Prevailing Wage Act to make conforming changes. Senate Floor Amendment No. 4 Deletes reference to: 20 ILCS 655/8.1 Relocates provisions relating to the suspension of benefits to specific businesses located within Enterprise Zones. Makes typographical and formatting corrections.