Incentive For Economic Growth
The Illinois Biodiesel Sales and Use Tax Credit began in July 2003 and is expected to remain intact until December 31, 2018. The credit offers a full exemption from the 6.25 percent sales tax on biodiesel blends exceeding 10 percent (B11 or higher) and a 20 percent exemption for blends below 10 percent (B1 to B10).
ISG supports the Illinois Biodiesel Sales and Use Tax Credit as a tool to help the biodiesel industry create strong economic activity in Illinois:
- Generates $144 million in household income
- Generates $3.4 million in farm income
- Supports about 2,000 jobs in all sectors
- Added nearly $200 million of Illinois GDP in 2015
- Added sales and taxes for non-fuel goods and services are $210 million in diesel fuel sales, $82 million in restaurant sales, $41 million in convenience store sales and $5.5 million in truck repairs