Illinois Senate Bill 3808

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 9 2024 - 25% progression
Action: 2024-04-05 - Rule 2-10 Committee Deadline Established As May 3, 2024
Pending: Senate Revenue Committee
Text: Latest bill text (Introduced) [HTML]

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 the manufacturing capital 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 of the credit shall be $20,000,000. Effective immediately.

INC TAX-MANUFACTURING

Sen. Paul Faraci [D]

Date	Chamber	Action
2024-04-05	Senate	Rule 2-10 Committee Deadline Established As May 3, 2024
2024-03-15	Senate	Rule 2-10 Committee Deadline Established As April 5, 2024
2024-02-28	Senate	Assigned to Revenue
2024-02-09	Senate	Referred to Assignments
2024-02-09	Senate	First Reading
2024-02-09	Senate	Filed with Secretary by Sen. Paul Faraci

Chapter	Article	Section	Citation Type	Statute Text
35	5	241	New Code	See Bill Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3808&GAID=17&DocTypeID=SB&SessionID=112&GA=103
Text	https://www.ilga.gov/legislation/103/SB/10300SB3808.htm