Illinois § 25

§ 25.

Credit allocation by the Department. (a) As part of its application under Section 20, the taxpayer shall certify to the Department the amount of eligible qualifying hydrogen, in kilograms, used during the immediately preceding calendar year for which the application is filed. (b) The Department shall notify each taxpayer of the dollar amount of credit allocated to that taxpayer under this Act. The taxpayer must notify the Department within 30 days after the notification by the Department under this subsection (b) if it wishes to surrender its allocation. (c) In each State fiscal year for which tax credits are available pursuant to this Act, the Department shall not allocate more than 10% of the total amount of tax credits available under this Act to the use of qualifying hydrogen for electricity generation that uses direct gas combustion. (d) Subject to the limitations of this Section and Sections 20 and 30, the amount of the credit allocated to a taxpayer by the Department in subsection (b) of this Section shall be the maximum credit that the taxpayer is permitted to earn for the calendar year. (e) Allocations may not be rolled forward to a subsequent year. (Source: P.A. 103-268, eff. 7-25-23.)