Bill > HB5623

This bill amends the Economic Development for a Growing Economy Tax Credit Act to allow certain taxpayers primarily engaged in the business of pharmacy, health, and wellness, who have their corporate headquarters and distribution centers in Illinois, to elect to claim their tax credit against their state income tax withholding obligations. This means instead of reducing their overall income tax liability, these eligible businesses can use the credit to offset the taxes they are required to withhold from their employees' paychecks, specifically for individuals employed at their corporate headquarters in Illinois. To qualify, these businesses must meet several criteria, including employing at least 2,500 full-time equivalent employees at their headquarters, committing to a significant investment of at least $100 million in areas like capital improvements and research, maintaining at least 450 retail locations in the state, and having experienced an Illinois net loss or net loss deduction in the year the credit is approved or the two preceding years. The credit awarded under this provision is capped at $75 million or an 8-year term, whichever comes first, and is specifically applied to the withholding tax of employees at their Illinois corporate headquarters.

https://www.ilga.gov/Legislation/BillStatus?DocNum=5623&GAID=18&DocTypeID=HB&SessionID=114&GA=104