Bill > SB2106

This bill amends the Economic Development for a Growing Economy Tax Credit Act to allow taxpayers primarily engaged in pharmacy, health, and wellness to claim a tax credit against their withholding tax obligations. Specifically, the bill creates a new provision (1.10) that enables a taxpayer to elect to use the tax credit if they meet several specific criteria: they must maintain their corporate headquarters in Illinois, have at least 500 retail locations statewide, employ at least 2,500 full-time or full-time equivalent employees (some of whom might otherwise be at risk of job loss), and have experienced an Illinois net loss or net loss deduction in the current or previous two tax years. The taxpayer must also apply for an Agreement within 120 days of the bill's effective date. The election, once made, is irrevocable and allows the credit to be taken against withholding tax payments in the first calendar quarter after the credit is awarded. This provision is designed to provide financial support and incentive for large pharmacy and health-related businesses to maintain and grow their operations in Illinois, potentially preserving jobs and supporting the state's economic development.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2106&GAID=18&DocTypeID=SB&SessionID=114&GA=104