INC TX-E85 FUEL PUMP CREDIT

Amends the Illinois Income Tax Act. Provides that each motor fuel retailer who installs one or more new E85 ethanol fuel dispensing tank and pump combinations at his or her motor fuel retail store in Illinois during State Fiscal Year 2007 is entitled to a an income tax credit in the amount of $700. Provides that a motor fuel retailer is entitled to only one credit per retail store location. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.