Bill Text: IL SB3535 | 2019-2020 | 101st General Assembly | Introduced
Bill Title: 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 15% of the manufacturing capital expenditures if the taxpayer is located in a rural or economically challenged area. Provides that the total amount of credits awarded under those 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.
Spectrum: Bipartisan Bill
Status: (Failed) 2021-01-13 - Session Sine Die [SB3535 Detail]
Download: Illinois-2019-SB3535-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by adding | ||||||||||||||||||||||||
5 | Section 232 as follows:
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6 | (35 ILCS 5/232 new) | ||||||||||||||||||||||||
7 | Sec. 232. Manufacturing capital expenditure credit. For | ||||||||||||||||||||||||
8 | taxable years that begin on or after January 1, 2020 and begin | ||||||||||||||||||||||||
9 | prior to January 1, 2031, each taxpayer that is engaged in the | ||||||||||||||||||||||||
10 | business of manufacturing (North American Industry | ||||||||||||||||||||||||
11 | Classification System code 31-33) is entitled to a credit | ||||||||||||||||||||||||
12 | against the taxes imposed by subsections (a) and (b) of Section | ||||||||||||||||||||||||
13 | 201 in an amount equal to 10% of the capital expenditures | ||||||||||||||||||||||||
14 | incurred by the taxpayer during the taxable year that are | ||||||||||||||||||||||||
15 | related to manufacturing. The total amount of credits awarded | ||||||||||||||||||||||||
16 | under this Section may not exceed $10,000,000 for any | ||||||||||||||||||||||||
17 | particular taxpayer in any taxable year, except that, if the | ||||||||||||||||||||||||
18 | capital investment is made in a rural or economically | ||||||||||||||||||||||||
19 | challenged area, as determined by the Department of Commerce | ||||||||||||||||||||||||
20 | and Economic Opportunity, then the amount of the credit shall | ||||||||||||||||||||||||
21 | be 15% of the capital expenditure, and the maximum amount of | ||||||||||||||||||||||||
22 | the credit shall be $20,000,000. A taxpayer may not claim a | ||||||||||||||||||||||||
23 | credit under this Section if the taxpayer claims a credit |
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1 | against the taxes imposed by subsections (a) and (b) of Section | ||||||
2 | 201 for the same capital expenditure under any other provision | ||||||
3 | of law. | ||||||
4 | In no event shall a credit under this Section reduce the | ||||||
5 | taxpayer's liability under this Act to less than zero. The | ||||||
6 | credit may not be carried forward or back.
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7 | Section 99. Effective date. This Act takes effect upon | ||||||
8 | becoming law.
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