Bill > SB3692

This bill amends the Economic Development for a Growing Economy Tax Credit Act to increase the tax credit for certain businesses primarily engaged in the recycling and melting of steel products and the manufacturing of new steel wire and rod products. Specifically, it changes the credit awarded under a specific provision (paragraph 1.10 of subsection (f)) to be 100% of the amount of withholding tax that the taxpayer is required to pay over to the state, as outlined in Section 704A of the Illinois Income Tax Act. This means that for these qualifying steel product manufacturers, the entire amount of state income tax that they would normally withhold from their employees' paychecks and remit to the state can now be claimed as a tax credit, effectively reducing their tax liability by that amount. This provision is part of a broader tax credit program designed to encourage job creation and retention in Illinois, and this change specifically targets businesses involved in steel recycling and manufacturing to provide a more substantial tax incentive.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=3692&GAID=18&DocTypeID=SB&SessionID=114&GA=104