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IL SB1877

IL SB1877
EDGE WITHHOLDING-STEEL


summary

Introduced
02/06/2025
In Committee
06/02/2025
Crossed Over
Passed
Dead

Introduced Session

104th General Assembly

Bill Summary

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that certain taxpayers that are primarily engaged in the recycling and melting of steel products and in the manufacturing of new steel wire and rod products may elect to claim the credit under the Act against their withholding tax liability instead of their income tax liability. Effective immediately.

AI Summary

This bill amends the Economic Development for a Growing Economy Tax Credit Act to provide a new provision specifically for taxpayers primarily engaged in steel recycling, melting, and manufacturing of steel wire and rod products. Under this new provision, such taxpayers can elect to claim the tax credit against their withholding tax liability instead of their income tax liability, provided they meet several specific criteria. These criteria include: retaining at least 700 full-time jobs or equivalent contractors that might otherwise be terminated or relocated, relocating their corporate headquarters to Illinois from another state, making a capital investment of at least $50 million during the agreement term, and applying for the agreement within 90 days of the bill's effective date. The election, once made, is irrevocable and must be made in a manner prescribed by the Illinois Department of Revenue. The bill is designed to incentivize steel-related businesses to maintain and invest in their operations within Illinois by offering a flexible tax credit mechanism that can help offset their tax burden and support job retention.

Committee Categories

Budget and Finance

Sponsors (3)

Last Action

Rule 3-9(a) / Re-referred to Assignments (on 06/02/2025)

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