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Ethanol sales tax exemption extended
Good
news for the agriculture industry, rural communities
[JUNE 14, 2003]
SPRINGFIELD -- Illinois'
commitment to ethanol fuels continues, as crucial legislation to
bolster the industry became law June 11. Sen. Larry Bomke, a sponsor
of the law to extend the current tax exemption on ethanol fuels,
calls it a good move for central Illinois.
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"Extending the sales tax exemption on
ethanol fuels helps keep Illinois-grown fuels competitive in a
market that could mean big money for our state and local economy,"
said Bomke, R-Springfield. "Renewable fuels like ethanol depend on
the corn and soybeans grown in our local fields. Anything we can do
to encourage the ethanol industry helps our local farmers, creates
more ethanol-related jobs and contributes to a more stable economy
statewide."
Senate Bill 46 extends the current
sales tax exemption on ethanol and biodiesel fuels through Dec. 31,
2013. The exemption helps keep renewable fuels competitive with
traditional fossil fuels. Extending the credit ensures a steady
market for Illinois corn and soybeans, which are used to make the
fuels. Without this law, the exemption would have ended July 1.
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this article]
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Also signed into law Wednesday was
House Bill 46, another attempt to strengthen Illinois' place in the
renewable fuels market and to create jobs. The law creates the
Illinois Renewable Fuels Development Program to assist with the
construction, modification, alteration or retrofitting of renewable
fuel plants in Illinois. A third new law, SB 1212, includes projects
financed under the development program under the prevailing wage
law.
House Bill
46 and Senate Bill 46 take effect immediately. Senate Bill 1212 will
take effect Jan. 1, 2004.
[News
release]
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