Bill Title: 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.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB5315 Detail]

Text: Latest bill text (Introduced) [HTML]

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