Illinois House Bill 5315 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on December 3 2014 - 100% progression
Action: 2014-12-03 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Amends the Economic Development for a Growing Economy Tax Credit Act and the Illinois Income Tax Act. Provides that, for tax years beginning on or after January 1, 2015, each taxpayer that demonstrates completion of a project in Illinois during the taxable year that involves (i) an investment by the taxpayer of at least $1,000,000 in capital improvements to be placed into service in Illinois and (ii) the employment of at least 5 new employees in Illinois is entitled to an EDGE credit. Provides that the amount of the credit shall be determined by multiplying the taxpayer's income tax rate by the average wage of the jobs created and then multiplying the result by the number of jobs created.

EDGE-CREDIT AWARDS

Rep. Jeanne Ives [R]

Date	Chamber	Action
2014-12-03	House	Session Sine Die
2014-03-28	House	Rule 19(a) / Re-referred to Rules Committee
2014-03-11	House	To Income Tax Subcommittee
2014-03-03	House	Assigned to Revenue & Finance Committee
2014-02-07	House	Referred to Rules Committee
2014-02-07	House	First Reading
2014-02-07	House	Filed with the Clerk by Rep. Jeanne M Ives

Chapter	Article	Section	Citation Type	Statute Text
35	10	5-10	Amended Code	Citation Text
35	10	5-15	Amended Code	Citation Text
35	10	5-20	Amended Code	Citation Text
35	10	5-25	Amended Code	Citation Text
35	10	5-40	Amended Code	Citation Text
35	10	5-45	Amended Code	Citation Text
35	10	5-50	Amended Code	Citation Text
35	10	5-55	Amended Code	Citation Text
35	5	211	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=5315&GAID=12&DocTypeID=HB&SessionID=85&GA=98
Text	https://www.ilga.gov/legislation/98/HB/09800HB5315.htm