Bill > HB1892

This bill creates the Interactive Digital Media Tax Credit Act, which aims to incentivize digital media production in Illinois by offering tax credits to interactive digital media companies. The bill establishes a tax credit for companies that develop interactive entertainment projects like computer games, video games, simulations, animations, or other digital media intended for commercial or educational markets. Eligible companies can receive a tax credit equal to 30% of their Illinois production spending and labor expenditures, with an additional 15% credit for hiring workers from high-poverty areas or honorably discharged veterans. To qualify, companies must spend at least $100,000 per year on an interactive digital media project in Illinois and obtain an accredited production certificate from the Department of Commerce and Economic Opportunity. The credits can be applied against income taxes and can be partially transferred to other taxpayers, with the program running from 2026 to 2036. Companies must apply for the credits, which will be issued annually based on verified expenditures, and the total credits are limited to ensure the program's sustainability. The bill is designed to attract and support digital media production in Illinois by providing financial incentives to companies that invest in the state's creative and technological industries.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1892&GAID=18&DocTypeID=HB&SessionID=114&GA=104