REVENUE-ETHANOL TAX BENEFITS

Amends the Illinois Income Tax Act. Allows taxpayers to deduct from their base income an amount equal to the lesser of $1,500 or 10% of the purchase price of a flexible-fuel vehicle purchased during the taxable year. Sets forth requirements for the deduction. Creates a credit, for taxpayers who are motor-fuel retailers who purchase and install storage and dispensing equipment for alternative fuel. Sets forth the amounts of the credit, including maximum aggregate amounts for all credits. Provides that the credit may be transferred. Provides that the credit may be carried forward for 2 years. Creates a credit for taxpayers who purchase at least 250 gallons of E85 motor fuel. Sets forth the amounts of the credit, including maximum aggregate amounts for all credits. Provides that the credit is refundable. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Exempts flexible-fuel vehicles from taxation under the Acts. Effective immediately.