Bill > HB2872

This bill amends the Economic Development for a Growing Economy Tax Credit Act to allow certain taxpayers primarily engaged in pharmacy, health, and wellness to elect to claim tax credits against their withholding tax obligations. Specifically, the bill creates a new provision that enables a taxpayer to claim this credit if they meet several specific criteria: they maintain their corporate headquarters in Illinois, have a minimum of 500 retail locations throughout the state, employ at least 2,500 full-time or full-time equivalent employees (with some jobs at risk of termination without this credit), have experienced an Illinois net loss in the current or previous two tax years, and apply for an Agreement within 120 days of the bill's effective date. This provision is part of a broader tax credit program designed to foster job creation and retention in Illinois, allowing qualifying businesses to offset their tax obligations by claiming credits based on job creation, retention, and capital investments. The election to use the credit against withholding taxes is irrevocable once made and must be submitted in a manner prescribed by the Illinois Department of Revenue.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2872&GAID=18&DocTypeID=HB&SessionID=114&GA=104