Bill > SB1835

This bill amends the Illinois Income Tax Act to create a tax credit for manufacturing businesses, offering a financial incentive for capital investments in manufacturing equipment and infrastructure. Specifically, the bill provides a 10% tax credit for capital expenditures related to manufacturing activities for taxable years between 2025 and 2036, with a maximum credit of $10 million per taxpayer per year. For investments made in rural or economically challenged areas, as determined by the Department of Commerce and Economic Opportunity, the credit increases to 15% with a higher maximum credit of $20 million per taxpayer per year. The credit applies to businesses classified under North American Industry Classification System (NAICS) codes 31-33 (manufacturing sectors), and can be used against income taxes imposed by the state. Importantly, taxpayers cannot claim this credit for capital expenditures that are already being used to claim credits under other provisions of law, and the credit cannot reduce a taxpayer's tax liability below zero and cannot be carried forward or backward to other tax years.

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1835&GAID=18&DocTypeID=SB&SessionID=114&GA=104