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Illinois Statutes Chapter 35. Revenue § 55/30. Prioritization of tax credit allocation

Current as of January 01, 2025 | Updated by Findlaw Staff

§ 30. Prioritization of tax credit allocation. If the total amount of tax credits sought by taxpayers under Section 25 exceeds the total amount of tax credits that are allowed to be allocated under Section 20, the Department shall prioritize allocation as follows:

(1) Up to 90% of the tax credits shall be allocated to the following eligible taxpayers in proportion to their requested allocation up to their requested allocation:

(A) taxpayers who participate in a United States Department of Energy Hydrogen Hub for their associated eligible qualifying hydrogen use;

(B) taxpayers who purchase hydrogen from a participant in a United States Department of Energy Hydrogen Hub for their associated qualifying hydrogen use; or

(C) taxpayers who purchase electricity to produce and use qualifying hydrogen from a participant in a United States Department of Energy Hydrogen Hub for their associated eligible qualifying hydrogen use.

(2) Next, any remaining credits shall be allocated to eligible taxpayers who do not qualify under paragraph (1); however, if there are insufficient remaining credits available to make the allocations under this paragraph (2), then the remaining credits shall be allocated in proportion to the requested allocation up to the eligible taxpayer's requested allocation.

(3) Next, any remaining credits shall be allocated to taxpayers in proportion to their requested allocation, up to their requested allocation, excluding any amount already allocated to a taxpayer pursuant to subsections (1) and (2) of this Section.

(4) Finally, any remaining credits shall be allocated to taxpayers receiving an allocation pursuant to subsection (1) in proportion to their requested allocation, such that the allocation provided under subsection (1) and subsection (4) combined does not exceed their requested allocation.

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Cite this article: FindLaw.com - Illinois Statutes Chapter 35. Revenue § 55/30. Prioritization of tax credit allocation - last updated January 01, 2025 | https://codes.findlaw.com/il/chapter-35-revenue/il-st-sect-35-55-30/

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