Bill > SB0135

This bill amends the Economic Development for a Growing Economy Tax Credit Act (EDGE) to expand tax credit flexibility for businesses. Specifically, the bill allows recipients of EDGE tax credits to apply for a certificate of transferability for unused credits, which can then be sold or transferred to other Illinois taxpayers. The bill extends the carry-forward period for unused tax credits from 5 to 10 years, giving businesses more time to utilize these economic development incentives. When transferring credits, businesses must submit a detailed notification to the Department of Revenue within 30 days, including information such as the tax credit balance, certificate number, agreement details, and tax identification numbers for both the transferor and transferee. The transfer does not extend the original credit's usage timeline, and the carry-forward period continues to be calculated from the date the credit was originally granted. This change aims to provide more financial flexibility for businesses participating in the EDGE program and potentially make the tax credits more valuable by allowing them to be sold to other taxpayers who can use them.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=135&GAID=18&DocTypeID=SB&SessionID=114&GA=104