summary
Introduced
02/06/2025
02/06/2025
In Committee
06/02/2025
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)
bill text
bill summary
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bill summary
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bill summary
Document Type | Source Location |
---|---|
State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1877&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
BillText | https://www.ilga.gov/legislation/104/SB/10400SB1877.htm |
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