IL SB1903 | 2023-2024 | 103rd General Assembly
Status
Completed Legislative Action
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Republican 1-0)
Status: Failed on January 7 2025 - 100% progression
Action: 2025-01-07 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]
Summary
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 10% of the manufacturing capital expenditures incurred by the taxpayer during the taxable year or, if the taxpayer is located in a rural or economically challenged area, 15% of those expenditures. Provides that the total amount of credits awarded under these provisions may not exceed $10,000,000 for any particular taxpayer in any taxable year, except that, if the capital investment is made in a rural or economically challenged area, then the maximum amount awarded for any particular taxpayer in any taxable year shall be $20,000,000. Effective immediately.
Title
INC TAX-MANUFACTURING
Sponsors
Sen. Chapin Rose [R] |
History
Date | Chamber | Action |
---|---|---|
2025-01-07 | Senate | Session Sine Die |
2023-03-10 | Senate | Rule 3-9(a) / Re-referred to Assignments |
2023-02-21 | Senate | Assigned to Revenue |
2023-02-09 | Senate | Referred to Assignments |
2023-02-09 | Senate | First Reading |
2023-02-09 | Senate | Filed with Secretary by Sen. Chapin Rose |
Code Citations
Illinois State Sources
Type | Source |
---|---|
Summary | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1903&GAID=17&DocTypeID=SB&SessionID=112&GA=103 |
Text | https://www.ilga.gov/legislation/103/SB/10300SB1903.htm |