The Illinois Senate passed a revenue package this week containing a number of tax credits and exemptions. State Senator Patrick Joyce secured a major boost for the corn industry in Illinois by increasing the level of ethanol in fuel in order to be eligible for a fuel sales tax exemption.
The tax exemption provides that the sales tax only apply to 90% of the proceeds of sales of gasohol, 80% of the proceeds of sales of mid-range ethanol blends and none of the proceeds of sales of majority blended ethanol fuel. The new tax structure will incentive the production of e15-e85 fuel blends.
Senate Bill 1963 passed both chambers with bipartisan support and heads to the governor’s desk.