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]

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.

Tracking Information

Register now for our free OneVote public service or GAITS Pro trial account and you can begin tracking this and other legislation, all driven by the real-time data of the LegiScan API. Providing tools allowing you to research pending legislation, stay informed with email alerts, content feeds, and share dynamic reports. Use our new PolitiCorps to join with friends and collegaues to monitor & discuss bills through the process.

Monitor Legislation or view this same bill number from multiple sessions or take advantage of our national legislative search.

Title

INC TAX-MANUFACTURING

Sponsors


History

DateChamberAction
2025-01-07SenateSession Sine Die
2023-03-10SenateRule 3-9(a) / Re-referred to Assignments
2023-02-21SenateAssigned to Revenue
2023-02-09SenateReferred to Assignments
2023-02-09SenateFirst Reading
2023-02-09SenateFiled with Secretary by Sen. Chapin Rose

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355234New CodeSee Bill Text

Illinois State Sources


Bill Comments

feedback