Illinois 2023-2024 Regular Session

Illinois House Bill HB1578 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1578 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED: 35 ILCS 5/201 35 ILCS 5/704A Amends the Illinois Income Tax Act. Provides that the research and development credit applies for taxable years ending prior to January 1, 2037 (currently, January 1, 2027). Provides that, in the case of qualifying quantum information science expenditures, the research and development credit shall be equal to 13% of the qualifying expenditures for increasing research activities in this State (currently, 6.5%). Provides that certain qualified startup taxpayers may elect to claim the credit against their obligation to pay withholding taxes. Effective immediately. LRB103 04639 HLH 49647 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1578 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED: 35 ILCS 5/201 35 ILCS 5/704A 35 ILCS 5/201 35 ILCS 5/704A Amends the Illinois Income Tax Act. Provides that the research and development credit applies for taxable years ending prior to January 1, 2037 (currently, January 1, 2027). Provides that, in the case of qualifying quantum information science expenditures, the research and development credit shall be equal to 13% of the qualifying expenditures for increasing research activities in this State (currently, 6.5%). Provides that certain qualified startup taxpayers may elect to claim the credit against their obligation to pay withholding taxes. Effective immediately. LRB103 04639 HLH 49647 b LRB103 04639 HLH 49647 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1578 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/201 35 ILCS 5/704A 35 ILCS 5/201 35 ILCS 5/704A
4	4	35 ILCS 5/201
5	5	35 ILCS 5/704A
6	6	Amends the Illinois Income Tax Act. Provides that the research and development credit applies for taxable years ending prior to January 1, 2037 (currently, January 1, 2027). Provides that, in the case of qualifying quantum information science expenditures, the research and development credit shall be equal to 13% of the qualifying expenditures for increasing research activities in this State (currently, 6.5%). Provides that certain qualified startup taxpayers may elect to claim the credit against their obligation to pay withholding taxes. Effective immediately.
7	7	LRB103 04639 HLH 49647 b LRB103 04639 HLH 49647 b
8	8	LRB103 04639 HLH 49647 b
9	9	A BILL FOR
10	10	HB1578LRB103 04639 HLH 49647 b HB1578 LRB103 04639 HLH 49647 b
11	11	HB1578 LRB103 04639 HLH 49647 b
12	12	1 AN ACT concerning revenue.
13	13	2 Be it enacted by the People of the State of Illinois,
14	14	3 represented in the General Assembly:
15	15	4 Section 5. The Illinois Income Tax Act is amended by
16	16	5 changing Sections 201 and 704A as follows:
17	17	6 (35 ILCS 5/201)
18	18	7 Sec. 201. Tax imposed.
19	19	8 (a) In general. A tax measured by net income is hereby
20	20	9 imposed on every individual, corporation, trust and estate for
21	21	10 each taxable year ending after July 31, 1969 on the privilege
22	22	11 of earning or receiving income in or as a resident of this
23	23	12 State. Such tax shall be in addition to all other occupation or
24	24	13 privilege taxes imposed by this State or by any municipal
25	25	14 corporation or political subdivision thereof.
26	26	15 (b) Rates. The tax imposed by subsection (a) of this
27	27	16 Section shall be determined as follows, except as adjusted by
28	28	17 subsection (d-1):
29	29	18 (1) In the case of an individual, trust or estate, for
30	30	19 taxable years ending prior to July 1, 1989, an amount
31	31	20 equal to 2 1/2% of the taxpayer's net income for the
32	32	21 taxable year.
33	33	22 (2) In the case of an individual, trust or estate, for
34	34	23 taxable years beginning prior to July 1, 1989 and ending
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38	38	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1578 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED:
39	39	35 ILCS 5/201 35 ILCS 5/704A 35 ILCS 5/201 35 ILCS 5/704A
40	40	35 ILCS 5/201
41	41	35 ILCS 5/704A
42	42	Amends the Illinois Income Tax Act. Provides that the research and development credit applies for taxable years ending prior to January 1, 2037 (currently, January 1, 2027). Provides that, in the case of qualifying quantum information science expenditures, the research and development credit shall be equal to 13% of the qualifying expenditures for increasing research activities in this State (currently, 6.5%). Provides that certain qualified startup taxpayers may elect to claim the credit against their obligation to pay withholding taxes. Effective immediately.
43	43	LRB103 04639 HLH 49647 b LRB103 04639 HLH 49647 b
44	44	LRB103 04639 HLH 49647 b
45	45	A BILL FOR
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51	51	35 ILCS 5/201
52	52	35 ILCS 5/704A
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71	71	1 after June 30, 1989, an amount equal to the sum of (i) 2
72	72	2 1/2% of the taxpayer's net income for the period prior to
73	73	3 July 1, 1989, as calculated under Section 202.3, and (ii)
74	74	4 3% of the taxpayer's net income for the period after June
75	75	5 30, 1989, as calculated under Section 202.3.
76	76	6 (3) In the case of an individual, trust or estate, for
77	77	7 taxable years beginning after June 30, 1989, and ending
78	78	8 prior to January 1, 2011, an amount equal to 3% of the
79	79	9 taxpayer's net income for the taxable year.
80	80	10 (4) In the case of an individual, trust, or estate,
81	81	11 for taxable years beginning prior to January 1, 2011, and
82	82	12 ending after December 31, 2010, an amount equal to the sum
83	83	13 of (i) 3% of the taxpayer's net income for the period prior
84	84	14 to January 1, 2011, as calculated under Section 202.5, and
85	85	15 (ii) 5% of the taxpayer's net income for the period after
86	86	16 December 31, 2010, as calculated under Section 202.5.
87	87	17 (5) In the case of an individual, trust, or estate,
88	88	18 for taxable years beginning on or after January 1, 2011,
89	89	19 and ending prior to January 1, 2015, an amount equal to 5%
90	90	20 of the taxpayer's net income for the taxable year.
91	91	21 (5.1) In the case of an individual, trust, or estate,
92	92	22 for taxable years beginning prior to January 1, 2015, and
93	93	23 ending after December 31, 2014, an amount equal to the sum
94	94	24 of (i) 5% of the taxpayer's net income for the period prior
95	95	25 to January 1, 2015, as calculated under Section 202.5, and
96	96	26 (ii) 3.75% of the taxpayer's net income for the period
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107	107	1 after December 31, 2014, as calculated under Section
108	108	2 202.5.
109	109	3 (5.2) In the case of an individual, trust, or estate,
110	110	4 for taxable years beginning on or after January 1, 2015,
111	111	5 and ending prior to July 1, 2017, an amount equal to 3.75%
112	112	6 of the taxpayer's net income for the taxable year.
113	113	7 (5.3) In the case of an individual, trust, or estate,
114	114	8 for taxable years beginning prior to July 1, 2017, and
115	115	9 ending after June 30, 2017, an amount equal to the sum of
116	116	10 (i) 3.75% of the taxpayer's net income for the period
117	117	11 prior to July 1, 2017, as calculated under Section 202.5,
118	118	12 and (ii) 4.95% of the taxpayer's net income for the period
119	119	13 after June 30, 2017, as calculated under Section 202.5.
120	120	14 (5.4) In the case of an individual, trust, or estate,
121	121	15 for taxable years beginning on or after July 1, 2017, an
122	122	16 amount equal to 4.95% of the taxpayer's net income for the
123	123	17 taxable year.
124	124	18 (6) In the case of a corporation, for taxable years
125	125	19 ending prior to July 1, 1989, an amount equal to 4% of the
126	126	20 taxpayer's net income for the taxable year.
127	127	21 (7) In the case of a corporation, for taxable years
128	128	22 beginning prior to July 1, 1989 and ending after June 30,
129	129	23 1989, an amount equal to the sum of (i) 4% of the
130	130	24 taxpayer's net income for the period prior to July 1,
131	131	25 1989, as calculated under Section 202.3, and (ii) 4.8% of
132	132	26 the taxpayer's net income for the period after June 30,
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143	143	1 1989, as calculated under Section 202.3.
144	144	2 (8) In the case of a corporation, for taxable years
145	145	3 beginning after June 30, 1989, and ending prior to January
146	146	4 1, 2011, an amount equal to 4.8% of the taxpayer's net
147	147	5 income for the taxable year.
148	148	6 (9) In the case of a corporation, for taxable years
149	149	7 beginning prior to January 1, 2011, and ending after
150	150	8 December 31, 2010, an amount equal to the sum of (i) 4.8%
151	151	9 of the taxpayer's net income for the period prior to
152	152	10 January 1, 2011, as calculated under Section 202.5, and
153	153	11 (ii) 7% of the taxpayer's net income for the period after
154	154	12 December 31, 2010, as calculated under Section 202.5.
155	155	13 (10) In the case of a corporation, for taxable years
156	156	14 beginning on or after January 1, 2011, and ending prior to
157	157	15 January 1, 2015, an amount equal to 7% of the taxpayer's
158	158	16 net income for the taxable year.
159	159	17 (11) In the case of a corporation, for taxable years
160	160	18 beginning prior to January 1, 2015, and ending after
161	161	19 December 31, 2014, an amount equal to the sum of (i) 7% of
162	162	20 the taxpayer's net income for the period prior to January
163	163	21 1, 2015, as calculated under Section 202.5, and (ii) 5.25%
164	164	22 of the taxpayer's net income for the period after December
165	165	23 31, 2014, as calculated under Section 202.5.
166	166	24 (12) In the case of a corporation, for taxable years
167	167	25 beginning on or after January 1, 2015, and ending prior to
168	168	26 July 1, 2017, an amount equal to 5.25% of the taxpayer's
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179	179	1 net income for the taxable year.
180	180	2 (13) In the case of a corporation, for taxable years
181	181	3 beginning prior to July 1, 2017, and ending after June 30,
182	182	4 2017, an amount equal to the sum of (i) 5.25% of the
183	183	5 taxpayer's net income for the period prior to July 1,
184	184	6 2017, as calculated under Section 202.5, and (ii) 7% of
185	185	7 the taxpayer's net income for the period after June 30,
186	186	8 2017, as calculated under Section 202.5.
187	187	9 (14) In the case of a corporation, for taxable years
188	188	10 beginning on or after July 1, 2017, an amount equal to 7%
189	189	11 of the taxpayer's net income for the taxable year.
190	190	12 The rates under this subsection (b) are subject to the
191	191	13 provisions of Section 201.5.
192	192	14 (b-5) Surcharge; sale or exchange of assets, properties,
193	193	15 and intangibles of organization gaming licensees. For each of
194	194	16 taxable years 2019 through 2027, a surcharge is imposed on all
195	195	17 taxpayers on income arising from the sale or exchange of
196	196	18 capital assets, depreciable business property, real property
197	197	19 used in the trade or business, and Section 197 intangibles (i)
198	198	20 of an organization licensee under the Illinois Horse Racing
199	199	21 Act of 1975 and (ii) of an organization gaming licensee under
200	200	22 the Illinois Gambling Act. The amount of the surcharge is
201	201	23 equal to the amount of federal income tax liability for the
202	202	24 taxable year attributable to those sales and exchanges. The
203	203	25 surcharge imposed shall not apply if:
204	204	26 (1) the organization gaming license, organization
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215	215	1 license, or racetrack property is transferred as a result
216	216	2 of any of the following:
217	217	3 (A) bankruptcy, a receivership, or a debt
218	218	4 adjustment initiated by or against the initial
219	219	5 licensee or the substantial owners of the initial
220	220	6 licensee;
221	221	7 (B) cancellation, revocation, or termination of
222	222	8 any such license by the Illinois Gaming Board or the
223	223	9 Illinois Racing Board;
224	224	10 (C) a determination by the Illinois Gaming Board
225	225	11 that transfer of the license is in the best interests
226	226	12 of Illinois gaming;
227	227	13 (D) the death of an owner of the equity interest in
228	228	14 a licensee;
229	229	15 (E) the acquisition of a controlling interest in
230	230	16 the stock or substantially all of the assets of a
231	231	17 publicly traded company;
232	232	18 (F) a transfer by a parent company to a wholly
233	233	19 owned subsidiary; or
234	234	20 (G) the transfer or sale to or by one person to
235	235	21 another person where both persons were initial owners
236	236	22 of the license when the license was issued; or
237	237	23 (2) the controlling interest in the organization
238	238	24 gaming license, organization license, or racetrack
239	239	25 property is transferred in a transaction to lineal
240	240	26 descendants in which no gain or loss is recognized or as a
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251	251	1 result of a transaction in accordance with Section 351 of
252	252	2 the Internal Revenue Code in which no gain or loss is
253	253	3 recognized; or
254	254	4 (3) live horse racing was not conducted in 2010 at a
255	255	5 racetrack located within 3 miles of the Mississippi River
256	256	6 under a license issued pursuant to the Illinois Horse
257	257	7 Racing Act of 1975.
258	258	8 The transfer of an organization gaming license,
259	259	9 organization license, or racetrack property by a person other
260	260	10 than the initial licensee to receive the organization gaming
261	261	11 license is not subject to a surcharge. The Department shall
262	262	12 adopt rules necessary to implement and administer this
263	263	13 subsection.
264	264	14 (c) Personal Property Tax Replacement Income Tax.
265	265	15 Beginning on July 1, 1979 and thereafter, in addition to such
266	266	16 income tax, there is also hereby imposed the Personal Property
267	267	17 Tax Replacement Income Tax measured by net income on every
268	268	18 corporation (including Subchapter S corporations), partnership
269	269	19 and trust, for each taxable year ending after June 30, 1979.
270	270	20 Such taxes are imposed on the privilege of earning or
271	271	21 receiving income in or as a resident of this State. The
272	272	22 Personal Property Tax Replacement Income Tax shall be in
273	273	23 addition to the income tax imposed by subsections (a) and (b)
274	274	24 of this Section and in addition to all other occupation or
275	275	25 privilege taxes imposed by this State or by any municipal
276	276	26 corporation or political subdivision thereof.
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287	287	1 (d) Additional Personal Property Tax Replacement Income
288	288	2 Tax Rates. The personal property tax replacement income tax
289	289	3 imposed by this subsection and subsection (c) of this Section
290	290	4 in the case of a corporation, other than a Subchapter S
291	291	5 corporation and except as adjusted by subsection (d-1), shall
292	292	6 be an additional amount equal to 2.85% of such taxpayer's net
293	293	7 income for the taxable year, except that beginning on January
294	294	8 1, 1981, and thereafter, the rate of 2.85% specified in this
295	295	9 subsection shall be reduced to 2.5%, and in the case of a
296	296	10 partnership, trust or a Subchapter S corporation shall be an
297	297	11 additional amount equal to 1.5% of such taxpayer's net income
298	298	12 for the taxable year.
299	299	13 (d-1) Rate reduction for certain foreign insurers. In the
300	300	14 case of a foreign insurer, as defined by Section 35A-5 of the
301	301	15 Illinois Insurance Code, whose state or country of domicile
302	302	16 imposes on insurers domiciled in Illinois a retaliatory tax
303	303	17 (excluding any insurer whose premiums from reinsurance assumed
304	304	18 are 50% or more of its total insurance premiums as determined
305	305	19 under paragraph (2) of subsection (b) of Section 304, except
306	306	20 that for purposes of this determination premiums from
307	307	21 reinsurance do not include premiums from inter-affiliate
308	308	22 reinsurance arrangements), beginning with taxable years ending
309	309	23 on or after December 31, 1999, the sum of the rates of tax
310	310	24 imposed by subsections (b) and (d) shall be reduced (but not
311	311	25 increased) to the rate at which the total amount of tax imposed
312	312	26 under this Act, net of all credits allowed under this Act,
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323	323	1 shall equal (i) the total amount of tax that would be imposed
324	324	2 on the foreign insurer's net income allocable to Illinois for
325	325	3 the taxable year by such foreign insurer's state or country of
326	326	4 domicile if that net income were subject to all income taxes
327	327	5 and taxes measured by net income imposed by such foreign
328	328	6 insurer's state or country of domicile, net of all credits
329	329	7 allowed or (ii) a rate of zero if no such tax is imposed on
330	330	8 such income by the foreign insurer's state of domicile. For
331	331	9 the purposes of this subsection (d-1), an inter-affiliate
332	332	10 includes a mutual insurer under common management.
333	333	11 (1) For the purposes of subsection (d-1), in no event
334	334	12 shall the sum of the rates of tax imposed by subsections
335	335	13 (b) and (d) be reduced below the rate at which the sum of:
336	336	14 (A) the total amount of tax imposed on such
337	337	15 foreign insurer under this Act for a taxable year, net
338	338	16 of all credits allowed under this Act, plus
339	339	17 (B) the privilege tax imposed by Section 409 of
340	340	18 the Illinois Insurance Code, the fire insurance
341	341	19 company tax imposed by Section 12 of the Fire
342	342	20 Investigation Act, and the fire department taxes
343	343	21 imposed under Section 11-10-1 of the Illinois
344	344	22 Municipal Code,
345	345	23 equals 1.25% for taxable years ending prior to December
346	346	24 31, 2003, or 1.75% for taxable years ending on or after
347	347	25 December 31, 2003, of the net taxable premiums written for
348	348	26 the taxable year, as described by subsection (1) of
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359	359	1 Section 409 of the Illinois Insurance Code. This paragraph
360	360	2 will in no event increase the rates imposed under
361	361	3 subsections (b) and (d).
362	362	4 (2) Any reduction in the rates of tax imposed by this
363	363	5 subsection shall be applied first against the rates
364	364	6 imposed by subsection (b) and only after the tax imposed
365	365	7 by subsection (a) net of all credits allowed under this
366	366	8 Section other than the credit allowed under subsection (i)
367	367	9 has been reduced to zero, against the rates imposed by
368	368	10 subsection (d).
369	369	11 This subsection (d-1) is exempt from the provisions of
370	370	12 Section 250.
371	371	13 (e) Investment credit. A taxpayer shall be allowed a
372	372	14 credit against the Personal Property Tax Replacement Income
373	373	15 Tax for investment in qualified property.
374	374	16 (1) A taxpayer shall be allowed a credit equal to .5%
375	375	17 of the basis of qualified property placed in service
376	376	18 during the taxable year, provided such property is placed
377	377	19 in service on or after July 1, 1984. There shall be allowed
378	378	20 an additional credit equal to .5% of the basis of
379	379	21 qualified property placed in service during the taxable
380	380	22 year, provided such property is placed in service on or
381	381	23 after July 1, 1986, and the taxpayer's base employment
382	382	24 within Illinois has increased by 1% or more over the
383	383	25 preceding year as determined by the taxpayer's employment
384	384	26 records filed with the Illinois Department of Employment
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395	395	1 Security. Taxpayers who are new to Illinois shall be
396	396	2 deemed to have met the 1% growth in base employment for the
397	397	3 first year in which they file employment records with the
398	398	4 Illinois Department of Employment Security. The provisions
399	399	5 added to this Section by Public Act 85-1200 (and restored
400	400	6 by Public Act 87-895) shall be construed as declaratory of
401	401	7 existing law and not as a new enactment. If, in any year,
402	402	8 the increase in base employment within Illinois over the
403	403	9 preceding year is less than 1%, the additional credit
404	404	10 shall be limited to that percentage times a fraction, the
405	405	11 numerator of which is .5% and the denominator of which is
406	406	12 1%, but shall not exceed .5%. The investment credit shall
407	407	13 not be allowed to the extent that it would reduce a
408	408	14 taxpayer's liability in any tax year below zero, nor may
409	409	15 any credit for qualified property be allowed for any year
410	410	16 other than the year in which the property was placed in
411	411	17 service in Illinois. For tax years ending on or after
412	412	18 December 31, 1987, and on or before December 31, 1988, the
413	413	19 credit shall be allowed for the tax year in which the
414	414	20 property is placed in service, or, if the amount of the
415	415	21 credit exceeds the tax liability for that year, whether it
416	416	22 exceeds the original liability or the liability as later
417	417	23 amended, such excess may be carried forward and applied to
418	418	24 the tax liability of the 5 taxable years following the
419	419	25 excess credit years if the taxpayer (i) makes investments
420	420	26 which cause the creation of a minimum of 2,000 full-time
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431	431	1 equivalent jobs in Illinois, (ii) is located in an
432	432	2 enterprise zone established pursuant to the Illinois
433	433	3 Enterprise Zone Act and (iii) is certified by the
434	434	4 Department of Commerce and Community Affairs (now
435	435	5 Department of Commerce and Economic Opportunity) as
436	436	6 complying with the requirements specified in clause (i)
437	437	7 and (ii) by July 1, 1986. The Department of Commerce and
438	438	8 Community Affairs (now Department of Commerce and Economic
439	439	9 Opportunity) shall notify the Department of Revenue of all
440	440	10 such certifications immediately. For tax years ending
441	441	11 after December 31, 1988, the credit shall be allowed for
442	442	12 the tax year in which the property is placed in service,
443	443	13 or, if the amount of the credit exceeds the tax liability
444	444	14 for that year, whether it exceeds the original liability
445	445	15 or the liability as later amended, such excess may be
446	446	16 carried forward and applied to the tax liability of the 5
447	447	17 taxable years following the excess credit years. The
448	448	18 credit shall be applied to the earliest year for which
449	449	19 there is a liability. If there is credit from more than one
450	450	20 tax year that is available to offset a liability, earlier
451	451	21 credit shall be applied first.
452	452	22 (2) The term "qualified property" means property
453	453	23 which:
454	454	24 (A) is tangible, whether new or used, including
455	455	25 buildings and structural components of buildings and
456	456	26 signs that are real property, but not including land
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460	460
461	461
462	462	HB1578 - 12 - LRB103 04639 HLH 49647 b
463	463
464	464
465	465	HB1578- 13 -LRB103 04639 HLH 49647 b HB1578 - 13 - LRB103 04639 HLH 49647 b
466	466	HB1578 - 13 - LRB103 04639 HLH 49647 b
467	467	1 or improvements to real property that are not a
468	468	2 structural component of a building such as
469	469	3 landscaping, sewer lines, local access roads, fencing,
470	470	4 parking lots, and other appurtenances;
471	471	5 (B) is depreciable pursuant to Section 167 of the
472	472	6 Internal Revenue Code, except that "3-year property"
473	473	7 as defined in Section 168(c)(2)(A) of that Code is not
474	474	8 eligible for the credit provided by this subsection
475	475	9 (e);
476	476	10 (C) is acquired by purchase as defined in Section
477	477	11 179(d) of the Internal Revenue Code;
478	478	12 (D) is used in Illinois by a taxpayer who is
479	479	13 primarily engaged in manufacturing, or in mining coal
480	480	14 or fluorite, or in retailing, or was placed in service
481	481	15 on or after July 1, 2006 in a River Edge Redevelopment
482	482	16 Zone established pursuant to the River Edge
483	483	17 Redevelopment Zone Act; and
484	484	18 (E) has not previously been used in Illinois in
485	485	19 such a manner and by such a person as would qualify for
486	486	20 the credit provided by this subsection (e) or
487	487	21 subsection (f).
488	488	22 (3) For purposes of this subsection (e),
489	489	23 "manufacturing" means the material staging and production
490	490	24 of tangible personal property by procedures commonly
491	491	25 regarded as manufacturing, processing, fabrication, or
492	492	26 assembling which changes some existing material into new
493	493
494	494
495	495
496	496
497	497
498	498	HB1578 - 13 - LRB103 04639 HLH 49647 b
499	499
500	500
501	501	HB1578- 14 -LRB103 04639 HLH 49647 b HB1578 - 14 - LRB103 04639 HLH 49647 b
502	502	HB1578 - 14 - LRB103 04639 HLH 49647 b
503	503	1 shapes, new qualities, or new combinations. For purposes
504	504	2 of this subsection (e) the term "mining" shall have the
505	505	3 same meaning as the term "mining" in Section 613(c) of the
506	506	4 Internal Revenue Code. For purposes of this subsection
507	507	5 (e), the term "retailing" means the sale of tangible
508	508	6 personal property for use or consumption and not for
509	509	7 resale, or services rendered in conjunction with the sale
510	510	8 of tangible personal property for use or consumption and
511	511	9 not for resale. For purposes of this subsection (e),
512	512	10 "tangible personal property" has the same meaning as when
513	513	11 that term is used in the Retailers' Occupation Tax Act,
514	514	12 and, for taxable years ending after December 31, 2008,
515	515	13 does not include the generation, transmission, or
516	516	14 distribution of electricity.
517	517	15 (4) The basis of qualified property shall be the basis
518	518	16 used to compute the depreciation deduction for federal
519	519	17 income tax purposes.
520	520	18 (5) If the basis of the property for federal income
521	521	19 tax depreciation purposes is increased after it has been
522	522	20 placed in service in Illinois by the taxpayer, the amount
523	523	21 of such increase shall be deemed property placed in
524	524	22 service on the date of such increase in basis.
525	525	23 (6) The term "placed in service" shall have the same
526	526	24 meaning as under Section 46 of the Internal Revenue Code.
527	527	25 (7) If during any taxable year, any property ceases to
528	528	26 be qualified property in the hands of the taxpayer within
529	529
530	530
531	531
532	532
533	533
534	534	HB1578 - 14 - LRB103 04639 HLH 49647 b
535	535
536	536
537	537	HB1578- 15 -LRB103 04639 HLH 49647 b HB1578 - 15 - LRB103 04639 HLH 49647 b
538	538	HB1578 - 15 - LRB103 04639 HLH 49647 b
539	539	1 48 months after being placed in service, or the situs of
540	540	2 any qualified property is moved outside Illinois within 48
541	541	3 months after being placed in service, the Personal
542	542	4 Property Tax Replacement Income Tax for such taxable year
543	543	5 shall be increased. Such increase shall be determined by
544	544	6 (i) recomputing the investment credit which would have
545	545	7 been allowed for the year in which credit for such
546	546	8 property was originally allowed by eliminating such
547	547	9 property from such computation and, (ii) subtracting such
548	548	10 recomputed credit from the amount of credit previously
549	549	11 allowed. For the purposes of this paragraph (7), a
550	550	12 reduction of the basis of qualified property resulting
551	551	13 from a redetermination of the purchase price shall be
552	552	14 deemed a disposition of qualified property to the extent
553	553	15 of such reduction.
554	554	16 (8) Unless the investment credit is extended by law,
555	555	17 the basis of qualified property shall not include costs
556	556	18 incurred after December 31, 2018, except for costs
557	557	19 incurred pursuant to a binding contract entered into on or
558	558	20 before December 31, 2018.
559	559	21 (9) Each taxable year ending before December 31, 2000,
560	560	22 a partnership may elect to pass through to its partners
561	561	23 the credits to which the partnership is entitled under
562	562	24 this subsection (e) for the taxable year. A partner may
563	563	25 use the credit allocated to him or her under this
564	564	26 paragraph only against the tax imposed in subsections (c)
565	565
566	566
567	567
568	568
569	569
570	570	HB1578 - 15 - LRB103 04639 HLH 49647 b
571	571
572	572
573	573	HB1578- 16 -LRB103 04639 HLH 49647 b HB1578 - 16 - LRB103 04639 HLH 49647 b
574	574	HB1578 - 16 - LRB103 04639 HLH 49647 b
575	575	1 and (d) of this Section. If the partnership makes that
576	576	2 election, those credits shall be allocated among the
577	577	3 partners in the partnership in accordance with the rules
578	578	4 set forth in Section 704(b) of the Internal Revenue Code,
579	579	5 and the rules promulgated under that Section, and the
580	580	6 allocated amount of the credits shall be allowed to the
581	581	7 partners for that taxable year. The partnership shall make
582	582	8 this election on its Personal Property Tax Replacement
583	583	9 Income Tax return for that taxable year. The election to
584	584	10 pass through the credits shall be irrevocable.
585	585	11 For taxable years ending on or after December 31,
586	586	12 2000, a partner that qualifies its partnership for a
587	587	13 subtraction under subparagraph (I) of paragraph (2) of
588	588	14 subsection (d) of Section 203 or a shareholder that
589	589	15 qualifies a Subchapter S corporation for a subtraction
590	590	16 under subparagraph (S) of paragraph (2) of subsection (b)
591	591	17 of Section 203 shall be allowed a credit under this
592	592	18 subsection (e) equal to its share of the credit earned
593	593	19 under this subsection (e) during the taxable year by the
594	594	20 partnership or Subchapter S corporation, determined in
595	595	21 accordance with the determination of income and
596	596	22 distributive share of income under Sections 702 and 704
597	597	23 and Subchapter S of the Internal Revenue Code. This
598	598	24 paragraph is exempt from the provisions of Section 250.
599	599	25 (f) Investment credit; Enterprise Zone; River Edge
600	600	26 Redevelopment Zone.
601	601
602	602
603	603
604	604
605	605
606	606	HB1578 - 16 - LRB103 04639 HLH 49647 b
607	607
608	608
609	609	HB1578- 17 -LRB103 04639 HLH 49647 b HB1578 - 17 - LRB103 04639 HLH 49647 b
610	610	HB1578 - 17 - LRB103 04639 HLH 49647 b
611	611	1 (1) A taxpayer shall be allowed a credit against the
612	612	2 tax imposed by subsections (a) and (b) of this Section for
613	613	3 investment in qualified property which is placed in
614	614	4 service in an Enterprise Zone created pursuant to the
615	615	5 Illinois Enterprise Zone Act or, for property placed in
616	616	6 service on or after July 1, 2006, a River Edge
617	617	7 Redevelopment Zone established pursuant to the River Edge
618	618	8 Redevelopment Zone Act. For partners, shareholders of
619	619	9 Subchapter S corporations, and owners of limited liability
620	620	10 companies, if the liability company is treated as a
621	621	11 partnership for purposes of federal and State income
622	622	12 taxation, there shall be allowed a credit under this
623	623	13 subsection (f) to be determined in accordance with the
624	624	14 determination of income and distributive share of income
625	625	15 under Sections 702 and 704 and Subchapter S of the
626	626	16 Internal Revenue Code. The credit shall be .5% of the
627	627	17 basis for such property. The credit shall be available
628	628	18 only in the taxable year in which the property is placed in
629	629	19 service in the Enterprise Zone or River Edge Redevelopment
630	630	20 Zone and shall not be allowed to the extent that it would
631	631	21 reduce a taxpayer's liability for the tax imposed by
632	632	22 subsections (a) and (b) of this Section to below zero. For
633	633	23 tax years ending on or after December 31, 1985, the credit
634	634	24 shall be allowed for the tax year in which the property is
635	635	25 placed in service, or, if the amount of the credit exceeds
636	636	26 the tax liability for that year, whether it exceeds the
637	637
638	638
639	639
640	640
641	641
642	642	HB1578 - 17 - LRB103 04639 HLH 49647 b
643	643
644	644
645	645	HB1578- 18 -LRB103 04639 HLH 49647 b HB1578 - 18 - LRB103 04639 HLH 49647 b
646	646	HB1578 - 18 - LRB103 04639 HLH 49647 b
647	647	1 original liability or the liability as later amended, such
648	648	2 excess may be carried forward and applied to the tax
649	649	3 liability of the 5 taxable years following the excess
650	650	4 credit year. The credit shall be applied to the earliest
651	651	5 year for which there is a liability. If there is credit
652	652	6 from more than one tax year that is available to offset a
653	653	7 liability, the credit accruing first in time shall be
654	654	8 applied first.
655	655	9 (2) The term qualified property means property which:
656	656	10 (A) is tangible, whether new or used, including
657	657	11 buildings and structural components of buildings;
658	658	12 (B) is depreciable pursuant to Section 167 of the
659	659	13 Internal Revenue Code, except that "3-year property"
660	660	14 as defined in Section 168(c)(2)(A) of that Code is not
661	661	15 eligible for the credit provided by this subsection
662	662	16 (f);
663	663	17 (C) is acquired by purchase as defined in Section
664	664	18 179(d) of the Internal Revenue Code;
665	665	19 (D) is used in the Enterprise Zone or River Edge
666	666	20 Redevelopment Zone by the taxpayer; and
667	667	21 (E) has not been previously used in Illinois in
668	668	22 such a manner and by such a person as would qualify for
669	669	23 the credit provided by this subsection (f) or
670	670	24 subsection (e).
671	671	25 (3) The basis of qualified property shall be the basis
672	672	26 used to compute the depreciation deduction for federal
673	673
674	674
675	675
676	676
677	677
678	678	HB1578 - 18 - LRB103 04639 HLH 49647 b
679	679
680	680
681	681	HB1578- 19 -LRB103 04639 HLH 49647 b HB1578 - 19 - LRB103 04639 HLH 49647 b
682	682	HB1578 - 19 - LRB103 04639 HLH 49647 b
683	683	1 income tax purposes.
684	684	2 (4) If the basis of the property for federal income
685	685	3 tax depreciation purposes is increased after it has been
686	686	4 placed in service in the Enterprise Zone or River Edge
687	687	5 Redevelopment Zone by the taxpayer, the amount of such
688	688	6 increase shall be deemed property placed in service on the
689	689	7 date of such increase in basis.
690	690	8 (5) The term "placed in service" shall have the same
691	691	9 meaning as under Section 46 of the Internal Revenue Code.
692	692	10 (6) If during any taxable year, any property ceases to
693	693	11 be qualified property in the hands of the taxpayer within
694	694	12 48 months after being placed in service, or the situs of
695	695	13 any qualified property is moved outside the Enterprise
696	696	14 Zone or River Edge Redevelopment Zone within 48 months
697	697	15 after being placed in service, the tax imposed under
698	698	16 subsections (a) and (b) of this Section for such taxable
699	699	17 year shall be increased. Such increase shall be determined
700	700	18 by (i) recomputing the investment credit which would have
701	701	19 been allowed for the year in which credit for such
702	702	20 property was originally allowed by eliminating such
703	703	21 property from such computation, and (ii) subtracting such
704	704	22 recomputed credit from the amount of credit previously
705	705	23 allowed. For the purposes of this paragraph (6), a
706	706	24 reduction of the basis of qualified property resulting
707	707	25 from a redetermination of the purchase price shall be
708	708	26 deemed a disposition of qualified property to the extent
709	709
710	710
711	711
712	712
713	713
714	714	HB1578 - 19 - LRB103 04639 HLH 49647 b
715	715
716	716
717	717	HB1578- 20 -LRB103 04639 HLH 49647 b HB1578 - 20 - LRB103 04639 HLH 49647 b
718	718	HB1578 - 20 - LRB103 04639 HLH 49647 b
719	719	1 of such reduction.
720	720	2 (7) There shall be allowed an additional credit equal
721	721	3 to 0.5% of the basis of qualified property placed in
722	722	4 service during the taxable year in a River Edge
723	723	5 Redevelopment Zone, provided such property is placed in
724	724	6 service on or after July 1, 2006, and the taxpayer's base
725	725	7 employment within Illinois has increased by 1% or more
726	726	8 over the preceding year as determined by the taxpayer's
727	727	9 employment records filed with the Illinois Department of
728	728	10 Employment Security. Taxpayers who are new to Illinois
729	729	11 shall be deemed to have met the 1% growth in base
730	730	12 employment for the first year in which they file
731	731	13 employment records with the Illinois Department of
732	732	14 Employment Security. If, in any year, the increase in base
733	733	15 employment within Illinois over the preceding year is less
734	734	16 than 1%, the additional credit shall be limited to that
735	735	17 percentage times a fraction, the numerator of which is
736	736	18 0.5% and the denominator of which is 1%, but shall not
737	737	19 exceed 0.5%.
738	738	20 (8) For taxable years beginning on or after January 1,
739	739	21 2021, there shall be allowed an Enterprise Zone
740	740	22 construction jobs credit against the taxes imposed under
741	741	23 subsections (a) and (b) of this Section as provided in
742	742	24 Section 13 of the Illinois Enterprise Zone Act.
743	743	25 The credit or credits may not reduce the taxpayer's
744	744	26 liability to less than zero. If the amount of the credit or
745	745
746	746
747	747
748	748
749	749
750	750	HB1578 - 20 - LRB103 04639 HLH 49647 b
751	751
752	752
753	753	HB1578- 21 -LRB103 04639 HLH 49647 b HB1578 - 21 - LRB103 04639 HLH 49647 b
754	754	HB1578 - 21 - LRB103 04639 HLH 49647 b
755	755	1 credits exceeds the taxpayer's liability, the excess may
756	756	2 be carried forward and applied against the taxpayer's
757	757	3 liability in succeeding calendar years in the same manner
758	758	4 provided under paragraph (4) of Section 211 of this Act.
759	759	5 The credit or credits shall be applied to the earliest
760	760	6 year for which there is a tax liability. If there are
761	761	7 credits from more than one taxable year that are available
762	762	8 to offset a liability, the earlier credit shall be applied
763	763	9 first.
764	764	10 For partners, shareholders of Subchapter S
765	765	11 corporations, and owners of limited liability companies,
766	766	12 if the liability company is treated as a partnership for
767	767	13 the purposes of federal and State income taxation, there
768	768	14 shall be allowed a credit under this Section to be
769	769	15 determined in accordance with the determination of income
770	770	16 and distributive share of income under Sections 702 and
771	771	17 704 and Subchapter S of the Internal Revenue Code.
772	772	18 The total aggregate amount of credits awarded under
773	773	19 the Blue Collar Jobs Act (Article 20 of Public Act 101-9)
774	774	20 shall not exceed $20,000,000 in any State fiscal year.
775	775	21 This paragraph (8) is exempt from the provisions of
776	776	22 Section 250.
777	777	23 (g) (Blank).
778	778	24 (h) Investment credit; High Impact Business.
779	779	25 (1) Subject to subsections (b) and (b-5) of Section
780	780	26 5.5 of the Illinois Enterprise Zone Act, a taxpayer shall
781	781
782	782
783	783
784	784
785	785
786	786	HB1578 - 21 - LRB103 04639 HLH 49647 b
787	787
788	788
789	789	HB1578- 22 -LRB103 04639 HLH 49647 b HB1578 - 22 - LRB103 04639 HLH 49647 b
790	790	HB1578 - 22 - LRB103 04639 HLH 49647 b
791	791	1 be allowed a credit against the tax imposed by subsections
792	792	2 (a) and (b) of this Section for investment in qualified
793	793	3 property which is placed in service by a Department of
794	794	4 Commerce and Economic Opportunity designated High Impact
795	795	5 Business. The credit shall be .5% of the basis for such
796	796	6 property. The credit shall not be available (i) until the
797	797	7 minimum investments in qualified property set forth in
798	798	8 subdivision (a)(3)(A) of Section 5.5 of the Illinois
799	799	9 Enterprise Zone Act have been satisfied or (ii) until the
800	800	10 time authorized in subsection (b-5) of the Illinois
801	801	11 Enterprise Zone Act for entities designated as High Impact
802	802	12 Businesses under subdivisions (a)(3)(B), (a)(3)(C), and
803	803	13 (a)(3)(D) of Section 5.5 of the Illinois Enterprise Zone
804	804	14 Act, and shall not be allowed to the extent that it would
805	805	15 reduce a taxpayer's liability for the tax imposed by
806	806	16 subsections (a) and (b) of this Section to below zero. The
807	807	17 credit applicable to such investments shall be taken in
808	808	18 the taxable year in which such investments have been
809	809	19 completed. The credit for additional investments beyond
810	810	20 the minimum investment by a designated high impact
811	811	21 business authorized under subdivision (a)(3)(A) of Section
812	812	22 5.5 of the Illinois Enterprise Zone Act shall be available
813	813	23 only in the taxable year in which the property is placed in
814	814	24 service and shall not be allowed to the extent that it
815	815	25 would reduce a taxpayer's liability for the tax imposed by
816	816	26 subsections (a) and (b) of this Section to below zero. For
817	817
818	818
819	819
820	820
821	821
822	822	HB1578 - 22 - LRB103 04639 HLH 49647 b
823	823
824	824
825	825	HB1578- 23 -LRB103 04639 HLH 49647 b HB1578 - 23 - LRB103 04639 HLH 49647 b
826	826	HB1578 - 23 - LRB103 04639 HLH 49647 b
827	827	1 tax years ending on or after December 31, 1987, the credit
828	828	2 shall be allowed for the tax year in which the property is
829	829	3 placed in service, or, if the amount of the credit exceeds
830	830	4 the tax liability for that year, whether it exceeds the
831	831	5 original liability or the liability as later amended, such
832	832	6 excess may be carried forward and applied to the tax
833	833	7 liability of the 5 taxable years following the excess
834	834	8 credit year. The credit shall be applied to the earliest
835	835	9 year for which there is a liability. If there is credit
836	836	10 from more than one tax year that is available to offset a
837	837	11 liability, the credit accruing first in time shall be
838	838	12 applied first.
839	839	13 Changes made in this subdivision (h)(1) by Public Act
840	840	14 88-670 restore changes made by Public Act 85-1182 and
841	841	15 reflect existing law.
842	842	16 (2) The term qualified property means property which:
843	843	17 (A) is tangible, whether new or used, including
844	844	18 buildings and structural components of buildings;
845	845	19 (B) is depreciable pursuant to Section 167 of the
846	846	20 Internal Revenue Code, except that "3-year property"
847	847	21 as defined in Section 168(c)(2)(A) of that Code is not
848	848	22 eligible for the credit provided by this subsection
849	849	23 (h);
850	850	24 (C) is acquired by purchase as defined in Section
851	851	25 179(d) of the Internal Revenue Code; and
852	852	26 (D) is not eligible for the Enterprise Zone
853	853
854	854
855	855
856	856
857	857
858	858	HB1578 - 23 - LRB103 04639 HLH 49647 b
859	859
860	860
861	861	HB1578- 24 -LRB103 04639 HLH 49647 b HB1578 - 24 - LRB103 04639 HLH 49647 b
862	862	HB1578 - 24 - LRB103 04639 HLH 49647 b
863	863	1 Investment Credit provided by subsection (f) of this
864	864	2 Section.
865	865	3 (3) The basis of qualified property shall be the basis
866	866	4 used to compute the depreciation deduction for federal
867	867	5 income tax purposes.
868	868	6 (4) If the basis of the property for federal income
869	869	7 tax depreciation purposes is increased after it has been
870	870	8 placed in service in a federally designated Foreign Trade
871	871	9 Zone or Sub-Zone located in Illinois by the taxpayer, the
872	872	10 amount of such increase shall be deemed property placed in
873	873	11 service on the date of such increase in basis.
874	874	12 (5) The term "placed in service" shall have the same
875	875	13 meaning as under Section 46 of the Internal Revenue Code.
876	876	14 (6) If during any taxable year ending on or before
877	877	15 December 31, 1996, any property ceases to be qualified
878	878	16 property in the hands of the taxpayer within 48 months
879	879	17 after being placed in service, or the situs of any
880	880	18 qualified property is moved outside Illinois within 48
881	881	19 months after being placed in service, the tax imposed
882	882	20 under subsections (a) and (b) of this Section for such
883	883	21 taxable year shall be increased. Such increase shall be
884	884	22 determined by (i) recomputing the investment credit which
885	885	23 would have been allowed for the year in which credit for
886	886	24 such property was originally allowed by eliminating such
887	887	25 property from such computation, and (ii) subtracting such
888	888	26 recomputed credit from the amount of credit previously
889	889
890	890
891	891
892	892
893	893
894	894	HB1578 - 24 - LRB103 04639 HLH 49647 b
895	895
896	896
897	897	HB1578- 25 -LRB103 04639 HLH 49647 b HB1578 - 25 - LRB103 04639 HLH 49647 b
898	898	HB1578 - 25 - LRB103 04639 HLH 49647 b
899	899	1 allowed. For the purposes of this paragraph (6), a
900	900	2 reduction of the basis of qualified property resulting
901	901	3 from a redetermination of the purchase price shall be
902	902	4 deemed a disposition of qualified property to the extent
903	903	5 of such reduction.
904	904	6 (7) Beginning with tax years ending after December 31,
905	905	7 1996, if a taxpayer qualifies for the credit under this
906	906	8 subsection (h) and thereby is granted a tax abatement and
907	907	9 the taxpayer relocates its entire facility in violation of
908	908	10 the explicit terms and length of the contract under
909	909	11 Section 18-183 of the Property Tax Code, the tax imposed
910	910	12 under subsections (a) and (b) of this Section shall be
911	911	13 increased for the taxable year in which the taxpayer
912	912	14 relocated its facility by an amount equal to the amount of
913	913	15 credit received by the taxpayer under this subsection (h).
914	914	16 (h-5) High Impact Business construction jobs credit. For
915	915	17 taxable years beginning on or after January 1, 2021, there
916	916	18 shall also be allowed a High Impact Business construction jobs
917	917	19 credit against the tax imposed under subsections (a) and (b)
918	918	20 of this Section as provided in subsections (i) and (j) of
919	919	21 Section 5.5 of the Illinois Enterprise Zone Act.
920	920	22 The credit or credits may not reduce the taxpayer's
921	921	23 liability to less than zero. If the amount of the credit or
922	922	24 credits exceeds the taxpayer's liability, the excess may be
923	923	25 carried forward and applied against the taxpayer's liability
924	924	26 in succeeding calendar years in the manner provided under
925	925
926	926
927	927
928	928
929	929
930	930	HB1578 - 25 - LRB103 04639 HLH 49647 b
931	931
932	932
933	933	HB1578- 26 -LRB103 04639 HLH 49647 b HB1578 - 26 - LRB103 04639 HLH 49647 b
934	934	HB1578 - 26 - LRB103 04639 HLH 49647 b
935	935	1 paragraph (4) of Section 211 of this Act. The credit or credits
936	936	2 shall be applied to the earliest year for which there is a tax
937	937	3 liability. If there are credits from more than one taxable
938	938	4 year that are available to offset a liability, the earlier
939	939	5 credit shall be applied first.
940	940	6 For partners, shareholders of Subchapter S corporations,
941	941	7 and owners of limited liability companies, if the liability
942	942	8 company is treated as a partnership for the purposes of
943	943	9 federal and State income taxation, there shall be allowed a
944	944	10 credit under this Section to be determined in accordance with
945	945	11 the determination of income and distributive share of income
946	946	12 under Sections 702 and 704 and Subchapter S of the Internal
947	947	13 Revenue Code.
948	948	14 The total aggregate amount of credits awarded under the
949	949	15 Blue Collar Jobs Act (Article 20 of Public Act 101-9) shall not
950	950	16 exceed $20,000,000 in any State fiscal year.
951	951	17 This subsection (h-5) is exempt from the provisions of
952	952	18 Section 250.
953	953	19 (i) Credit for Personal Property Tax Replacement Income
954	954	20 Tax. For tax years ending prior to December 31, 2003, a credit
955	955	21 shall be allowed against the tax imposed by subsections (a)
956	956	22 and (b) of this Section for the tax imposed by subsections (c)
957	957	23 and (d) of this Section. This credit shall be computed by
958	958	24 multiplying the tax imposed by subsections (c) and (d) of this
959	959	25 Section by a fraction, the numerator of which is base income
960	960	26 allocable to Illinois and the denominator of which is Illinois
961	961
962	962
963	963
964	964
965	965
966	966	HB1578 - 26 - LRB103 04639 HLH 49647 b
967	967
968	968
969	969	HB1578- 27 -LRB103 04639 HLH 49647 b HB1578 - 27 - LRB103 04639 HLH 49647 b
970	970	HB1578 - 27 - LRB103 04639 HLH 49647 b
971	971	1 base income, and further multiplying the product by the tax
972	972	2 rate imposed by subsections (a) and (b) of this Section.
973	973	3 Any credit earned on or after December 31, 1986 under this
974	974	4 subsection which is unused in the year the credit is computed
975	975	5 because it exceeds the tax liability imposed by subsections
976	976	6 (a) and (b) for that year (whether it exceeds the original
977	977	7 liability or the liability as later amended) may be carried
978	978	8 forward and applied to the tax liability imposed by
979	979	9 subsections (a) and (b) of the 5 taxable years following the
980	980	10 excess credit year, provided that no credit may be carried
981	981	11 forward to any year ending on or after December 31, 2003. This
982	982	12 credit shall be applied first to the earliest year for which
983	983	13 there is a liability. If there is a credit under this
984	984	14 subsection from more than one tax year that is available to
985	985	15 offset a liability the earliest credit arising under this
986	986	16 subsection shall be applied first.
987	987	17 If, during any taxable year ending on or after December
988	988	18 31, 1986, the tax imposed by subsections (c) and (d) of this
989	989	19 Section for which a taxpayer has claimed a credit under this
990	990	20 subsection (i) is reduced, the amount of credit for such tax
991	991	21 shall also be reduced. Such reduction shall be determined by
992	992	22 recomputing the credit to take into account the reduced tax
993	993	23 imposed by subsections (c) and (d). If any portion of the
994	994	24 reduced amount of credit has been carried to a different
995	995	25 taxable year, an amended return shall be filed for such
996	996	26 taxable year to reduce the amount of credit claimed.
997	997
998	998
999	999
1000	1000
1001	1001
1002	1002	HB1578 - 27 - LRB103 04639 HLH 49647 b
1003	1003
1004	1004
1005	1005	HB1578- 28 -LRB103 04639 HLH 49647 b HB1578 - 28 - LRB103 04639 HLH 49647 b
1006	1006	HB1578 - 28 - LRB103 04639 HLH 49647 b
1007	1007	1 (j) Training expense credit. Beginning with tax years
1008	1008	2 ending on or after December 31, 1986 and prior to December 31,
1009	1009	3 2003, a taxpayer shall be allowed a credit against the tax
1010	1010	4 imposed by subsections (a) and (b) under this Section for all
1011	1011	5 amounts paid or accrued, on behalf of all persons employed by
1012	1012	6 the taxpayer in Illinois or Illinois residents employed
1013	1013	7 outside of Illinois by a taxpayer, for educational or
1014	1014	8 vocational training in semi-technical or technical fields or
1015	1015	9 semi-skilled or skilled fields, which were deducted from gross
1016	1016	10 income in the computation of taxable income. The credit
1017	1017	11 against the tax imposed by subsections (a) and (b) shall be
1018	1018	12 1.6% of such training expenses. For partners, shareholders of
1019	1019	13 subchapter S corporations, and owners of limited liability
1020	1020	14 companies, if the liability company is treated as a
1021	1021	15 partnership for purposes of federal and State income taxation,
1022	1022	16 there shall be allowed a credit under this subsection (j) to be
1023	1023	17 determined in accordance with the determination of income and
1024	1024	18 distributive share of income under Sections 702 and 704 and
1025	1025	19 subchapter S of the Internal Revenue Code.
1026	1026	20 Any credit allowed under this subsection which is unused
1027	1027	21 in the year the credit is earned may be carried forward to each
1028	1028	22 of the 5 taxable years following the year for which the credit
1029	1029	23 is first computed until it is used. This credit shall be
1030	1030	24 applied first to the earliest year for which there is a
1031	1031	25 liability. If there is a credit under this subsection from
1032	1032	26 more than one tax year that is available to offset a liability,
1033	1033
1034	1034
1035	1035
1036	1036
1037	1037
1038	1038	HB1578 - 28 - LRB103 04639 HLH 49647 b
1039	1039
1040	1040
1041	1041	HB1578- 29 -LRB103 04639 HLH 49647 b HB1578 - 29 - LRB103 04639 HLH 49647 b
1042	1042	HB1578 - 29 - LRB103 04639 HLH 49647 b
1043	1043	1 the earliest credit arising under this subsection shall be
1044	1044	2 applied first. No carryforward credit may be claimed in any
1045	1045	3 tax year ending on or after December 31, 2003.
1046	1046	4 (k) Research and development credit. For tax years ending
1047	1047	5 after July 1, 1990 and prior to December 31, 2003, and
1048	1048	6 beginning again for tax years ending on or after December 31,
1049	1049	7 2004, and ending prior to January 1, 2037 January 1, 2027, a
1050	1050	8 taxpayer shall be allowed a credit against the tax imposed by
1051	1051	9 subsections (a) and (b) of this Section for increasing
1052	1052	10 research activities in this State. The credit allowed against
1053	1053	11 the tax imposed by subsections (a) and (b) shall be equal to 6
1054	1054	12 1/2% of the qualifying expenditures for increasing research
1055	1055	13 activities in this State, except that, in the case of
1056	1056	14 qualifying quantum information science expenditures, the
1057	1057	15 credit allowed against the tax imposed by subsections (a) and
1058	1058	16 (b) of this Section shall be equal to 13% of the qualifying
1059	1059	17 expenditures for increasing research activities in this State.
1060	1060	18 For partners, shareholders of subchapter S corporations, and
1061	1061	19 owners of limited liability companies, if the liability
1062	1062	20 company is treated as a partnership for purposes of federal
1063	1063	21 and State income taxation, there shall be allowed a credit
1064	1064	22 under this subsection to be determined in accordance with the
1065	1065	23 determination of income and distributive share of income under
1066	1066	24 Sections 702 and 704 and subchapter S of the Internal Revenue
1067	1067	25 Code.
1068	1068	26 In lieu of the credit allowed under this subsection (k)
1069	1069
1070	1070
1071	1071
1072	1072
1073	1073
1074	1074	HB1578 - 29 - LRB103 04639 HLH 49647 b
1075	1075
1076	1076
1077	1077	HB1578- 30 -LRB103 04639 HLH 49647 b HB1578 - 30 - LRB103 04639 HLH 49647 b
1078	1078	HB1578 - 30 - LRB103 04639 HLH 49647 b
1079	1079	1 against taxes imposed pursuant to subsections (a) and (b) of
1080	1080	2 this Section, for any taxable year ending after December 31,
1081	1081	3 2023, a qualified startup taxpayer may elect to claim the
1082	1082	4 credit against its obligation to pay over withholding taxes
1083	1083	5 under Section 704A. However, the taxpayer may not make such an
1084	1084	6 election for a taxable year if the taxpayer has an Illinois
1085	1085	7 income tax liability for that taxable year with respect to the
1086	1086	8 taxes imposed pursuant to subsections (a) and (b) of Section
1087	1087	9 201 of this Act against which the taxpayer may claim the credit
1088	1088	10 under this subsection (k).
1089	1089	11 As used in For purposes of this subsection: ,
1090	1090	12 "Business entity" means a corporation, association,
1091	1091	13 partnership, limited liability company, or other legal
1092	1092	14 entity.
1093	1093	15 "Qualified startup taxpayer" means a business entity
1094	1094	16 that (i) was incorporated or organized no more than 5
1095	1095	17 years before the first day of the taxable year for which
1096	1096	18 the credit is sought, (ii) has never had any Illinois
1097	1097	19 income tax liability, excluding any Illinois income tax
1098	1098	20 liability of a related member, which shall not be
1099	1099	21 attributed to the startup taxpayer, and (iii) otherwise
1100	1100	22 meets the requirements of this subsection (k).
1101	1101	23 "Qualifying "qualifying expenditures" means the
1102	1102	24 qualifying expenditures as defined for the federal credit
1103	1103	25 for increasing research activities which would be
1104	1104	26 allowable under Section 41 of the Internal Revenue Code
1105	1105
1106	1106
1107	1107
1108	1108
1109	1109
1110	1110	HB1578 - 30 - LRB103 04639 HLH 49647 b
1111	1111
1112	1112
1113	1113	HB1578- 31 -LRB103 04639 HLH 49647 b HB1578 - 31 - LRB103 04639 HLH 49647 b
1114	1114	HB1578 - 31 - LRB103 04639 HLH 49647 b
1115	1115	1 and which are conducted in this State. ,
1116	1116	2 "Qualifying "qualifying expenditures for increasing
1117	1117	3 research activities in this State" means the excess of
1118	1118	4 qualifying expenditures for the taxable year in which
1119	1119	5 incurred over qualifying expenditures for the base period.
1120	1120	6 ,
1121	1121	7 "Qualifying "qualifying expenditures for the base
1122	1122	8 period" means the average of the qualifying expenditures
1123	1123	9 for each year in the base period, and "base period" means
1124	1124	10 the 3 taxable years immediately preceding the taxable year
1125	1125	11 for which the determination is being made.
1126	1126	12 "Qualifying quantum information science expenditures"
1127	1127	13 means qualifying expenditures in quantum information
1128	1128	14 science, as that term is defined in Section 2 of the
1129	1129	15 federal National Quantum Initiative Act.
1130	1130	16 "Related member" has the meaning given to the term in
1131	1131	17 Section 5-5 of the Economic Development for a Growing
1132	1132	18 Economy Tax Credit Act.
1133	1133	19 Any credit in excess of the tax liability for the taxable
1134	1134	20 year may be carried forward. A taxpayer may elect to have the
1135	1135	21 unused credit shown on its final completed return carried over
1136	1136	22 as a credit against the tax liability for the following 5
1137	1137	23 taxable years or until it has been fully used, whichever
1138	1138	24 occurs first; provided that no credit earned in a tax year
1139	1139	25 ending prior to December 31, 2003 may be carried forward to any
1140	1140	26 year ending on or after December 31, 2003.
1141	1141
1142	1142
1143	1143
1144	1144
1145	1145
1146	1146	HB1578 - 31 - LRB103 04639 HLH 49647 b
1147	1147
1148	1148
1149	1149	HB1578- 32 -LRB103 04639 HLH 49647 b HB1578 - 32 - LRB103 04639 HLH 49647 b
1150	1150	HB1578 - 32 - LRB103 04639 HLH 49647 b
1151	1151	1 If an unused credit is carried forward to a given year from
1152	1152	2 2 or more earlier years, that credit arising in the earliest
1153	1153	3 year will be applied first against the tax liability for the
1154	1154	4 given year. If a tax liability for the given year still
1155	1155	5 remains, the credit from the next earliest year will then be
1156	1156	6 applied, and so on, until all credits have been used or no tax
1157	1157	7 liability for the given year remains. Any remaining unused
1158	1158	8 credit or credits then will be carried forward to the next
1159	1159	9 following year in which a tax liability is incurred, except
1160	1160	10 that no credit can be carried forward to a year which is more
1161	1161	11 than 5 years after the year in which the expense for which the
1162	1162	12 credit is given was incurred.
1163	1163	13 If the taxpayer makes qualifying quantum information
1164	1164	14 science expenditures, and the credit claimed under this
1165	1165	15 subsection exceeds the taxpayer's Illinois income tax
1166	1166	16 liability, then 90% of the excess credit amount may be
1167	1167	17 refunded to the taxpayer in accordance with rules adopted by
1168	1168	18 the Department. If the excess credit amount is refunded to the
1169	1169	19 taxpayer, then the portion of the excess credit amount that is
1170	1170	20 refunded to the taxpayer may not be carried forward and may not
1171	1171	21 be taken against the taxpayer's obligations to pay withholding
1172	1172	22 taxes under Section 704A.
1173	1173	23 No inference shall be drawn from Public Act 91-644 in
1174	1174	24 construing this Section for taxable years beginning before
1175	1175	25 January 1, 1999.
1176	1176	26 It is the intent of the General Assembly that the research
1177	1177
1178	1178
1179	1179
1180	1180
1181	1181
1182	1182	HB1578 - 32 - LRB103 04639 HLH 49647 b
1183	1183
1184	1184
1185	1185	HB1578- 33 -LRB103 04639 HLH 49647 b HB1578 - 33 - LRB103 04639 HLH 49647 b
1186	1186	HB1578 - 33 - LRB103 04639 HLH 49647 b
1187	1187	1 and development credit under this subsection (k) shall apply
1188	1188	2 continuously for all tax years ending on or after December 31,
1189	1189	3 2004 and ending prior to January 1, 2027, including, but not
1190	1190	4 limited to, the period beginning on January 1, 2016 and ending
1191	1191	5 on July 6, 2017 (the effective date of Public Act 100-22). All
1192	1192	6 actions taken in reliance on the continuation of the credit
1193	1193	7 under this subsection (k) by any taxpayer are hereby
1194	1194	8 validated.
1195	1195	9 (l) Environmental Remediation Tax Credit.
1196	1196	10 (i) For tax years ending after December 31, 1997 and
1197	1197	11 on or before December 31, 2001, a taxpayer shall be
1198	1198	12 allowed a credit against the tax imposed by subsections
1199	1199	13 (a) and (b) of this Section for certain amounts paid for
1200	1200	14 unreimbursed eligible remediation costs, as specified in
1201	1201	15 this subsection. For purposes of this Section,
1202	1202	16 "unreimbursed eligible remediation costs" means costs
1203	1203	17 approved by the Illinois Environmental Protection Agency
1204	1204	18 ("Agency") under Section 58.14 of the Environmental
1205	1205	19 Protection Act that were paid in performing environmental
1206	1206	20 remediation at a site for which a No Further Remediation
1207	1207	21 Letter was issued by the Agency and recorded under Section
1208	1208	22 58.10 of the Environmental Protection Act. The credit must
1209	1209	23 be claimed for the taxable year in which Agency approval
1210	1210	24 of the eligible remediation costs is granted. The credit
1211	1211	25 is not available to any taxpayer if the taxpayer or any
1212	1212	26 related party caused or contributed to, in any material
1213	1213
1214	1214
1215	1215
1216	1216
1217	1217
1218	1218	HB1578 - 33 - LRB103 04639 HLH 49647 b
1219	1219
1220	1220
1221	1221	HB1578- 34 -LRB103 04639 HLH 49647 b HB1578 - 34 - LRB103 04639 HLH 49647 b
1222	1222	HB1578 - 34 - LRB103 04639 HLH 49647 b
1223	1223	1 respect, a release of regulated substances on, in, or
1224	1224	2 under the site that was identified and addressed by the
1225	1225	3 remedial action pursuant to the Site Remediation Program
1226	1226	4 of the Environmental Protection Act. After the Pollution
1227	1227	5 Control Board rules are adopted pursuant to the Illinois
1228	1228	6 Administrative Procedure Act for the administration and
1229	1229	7 enforcement of Section 58.9 of the Environmental
1230	1230	8 Protection Act, determinations as to credit availability
1231	1231	9 for purposes of this Section shall be made consistent with
1232	1232	10 those rules. For purposes of this Section, "taxpayer"
1233	1233	11 includes a person whose tax attributes the taxpayer has
1234	1234	12 succeeded to under Section 381 of the Internal Revenue
1235	1235	13 Code and "related party" includes the persons disallowed a
1236	1236	14 deduction for losses by paragraphs (b), (c), and (f)(1) of
1237	1237	15 Section 267 of the Internal Revenue Code by virtue of
1238	1238	16 being a related taxpayer, as well as any of its partners.
1239	1239	17 The credit allowed against the tax imposed by subsections
1240	1240	18 (a) and (b) shall be equal to 25% of the unreimbursed
1241	1241	19 eligible remediation costs in excess of $100,000 per site,
1242	1242	20 except that the $100,000 threshold shall not apply to any
1243	1243	21 site contained in an enterprise zone as determined by the
1244	1244	22 Department of Commerce and Community Affairs (now
1245	1245	23 Department of Commerce and Economic Opportunity). The
1246	1246	24 total credit allowed shall not exceed $40,000 per year
1247	1247	25 with a maximum total of $150,000 per site. For partners
1248	1248	26 and shareholders of subchapter S corporations, there shall
1249	1249
1250	1250
1251	1251
1252	1252
1253	1253
1254	1254	HB1578 - 34 - LRB103 04639 HLH 49647 b
1255	1255
1256	1256
1257	1257	HB1578- 35 -LRB103 04639 HLH 49647 b HB1578 - 35 - LRB103 04639 HLH 49647 b
1258	1258	HB1578 - 35 - LRB103 04639 HLH 49647 b
1259	1259	1 be allowed a credit under this subsection to be determined
1260	1260	2 in accordance with the determination of income and
1261	1261	3 distributive share of income under Sections 702 and 704
1262	1262	4 and subchapter S of the Internal Revenue Code.
1263	1263	5 (ii) A credit allowed under this subsection that is
1264	1264	6 unused in the year the credit is earned may be carried
1265	1265	7 forward to each of the 5 taxable years following the year
1266	1266	8 for which the credit is first earned until it is used. The
1267	1267	9 term "unused credit" does not include any amounts of
1268	1268	10 unreimbursed eligible remediation costs in excess of the
1269	1269	11 maximum credit per site authorized under paragraph (i).
1270	1270	12 This credit shall be applied first to the earliest year
1271	1271	13 for which there is a liability. If there is a credit under
1272	1272	14 this subsection from more than one tax year that is
1273	1273	15 available to offset a liability, the earliest credit
1274	1274	16 arising under this subsection shall be applied first. A
1275	1275	17 credit allowed under this subsection may be sold to a
1276	1276	18 buyer as part of a sale of all or part of the remediation
1277	1277	19 site for which the credit was granted. The purchaser of a
1278	1278	20 remediation site and the tax credit shall succeed to the
1279	1279	21 unused credit and remaining carry-forward period of the
1280	1280	22 seller. To perfect the transfer, the assignor shall record
1281	1281	23 the transfer in the chain of title for the site and provide
1282	1282	24 written notice to the Director of the Illinois Department
1283	1283	25 of Revenue of the assignor's intent to sell the
1284	1284	26 remediation site and the amount of the tax credit to be
1285	1285
1286	1286
1287	1287
1288	1288
1289	1289
1290	1290	HB1578 - 35 - LRB103 04639 HLH 49647 b
1291	1291
1292	1292
1293	1293	HB1578- 36 -LRB103 04639 HLH 49647 b HB1578 - 36 - LRB103 04639 HLH 49647 b
1294	1294	HB1578 - 36 - LRB103 04639 HLH 49647 b
1295	1295	1 transferred as a portion of the sale. In no event may a
1296	1296	2 credit be transferred to any taxpayer if the taxpayer or a
1297	1297	3 related party would not be eligible under the provisions
1298	1298	4 of subsection (i).
1299	1299	5 (iii) For purposes of this Section, the term "site"
1300	1300	6 shall have the same meaning as under Section 58.2 of the
1301	1301	7 Environmental Protection Act.
1302	1302	8 (m) Education expense credit. Beginning with tax years
1303	1303	9 ending after December 31, 1999, a taxpayer who is the
1304	1304	10 custodian of one or more qualifying pupils shall be allowed a
1305	1305	11 credit against the tax imposed by subsections (a) and (b) of
1306	1306	12 this Section for qualified education expenses incurred on
1307	1307	13 behalf of the qualifying pupils. The credit shall be equal to
1308	1308	14 25% of qualified education expenses, but in no event may the
1309	1309	15 total credit under this subsection claimed by a family that is
1310	1310	16 the custodian of qualifying pupils exceed (i) $500 for tax
1311	1311	17 years ending prior to December 31, 2017, and (ii) $750 for tax
1312	1312	18 years ending on or after December 31, 2017. In no event shall a
1313	1313	19 credit under this subsection reduce the taxpayer's liability
1314	1314	20 under this Act to less than zero. Notwithstanding any other
1315	1315	21 provision of law, for taxable years beginning on or after
1316	1316	22 January 1, 2017, no taxpayer may claim a credit under this
1317	1317	23 subsection (m) if the taxpayer's adjusted gross income for the
1318	1318	24 taxable year exceeds (i) $500,000, in the case of spouses
1319	1319	25 filing a joint federal tax return or (ii) $250,000, in the case
1320	1320	26 of all other taxpayers. This subsection is exempt from the
1321	1321
1322	1322
1323	1323
1324	1324
1325	1325
1326	1326	HB1578 - 36 - LRB103 04639 HLH 49647 b
1327	1327
1328	1328
1329	1329	HB1578- 37 -LRB103 04639 HLH 49647 b HB1578 - 37 - LRB103 04639 HLH 49647 b
1330	1330	HB1578 - 37 - LRB103 04639 HLH 49647 b
1331	1331	1 provisions of Section 250 of this Act.
1332	1332	2 For purposes of this subsection:
1333	1333	3 "Qualifying pupils" means individuals who (i) are
1334	1334	4 residents of the State of Illinois, (ii) are under the age of
1335	1335	5 21 at the close of the school year for which a credit is
1336	1336	6 sought, and (iii) during the school year for which a credit is
1337	1337	7 sought were full-time pupils enrolled in a kindergarten
1338	1338	8 through twelfth grade education program at any school, as
1339	1339	9 defined in this subsection.
1340	1340	10 "Qualified education expense" means the amount incurred on
1341	1341	11 behalf of a qualifying pupil in excess of $250 for tuition,
1342	1342	12 book fees, and lab fees at the school in which the pupil is
1343	1343	13 enrolled during the regular school year.
1344	1344	14 "School" means any public or nonpublic elementary or
1345	1345	15 secondary school in Illinois that is in compliance with Title
1346	1346	16 VI of the Civil Rights Act of 1964 and attendance at which
1347	1347	17 satisfies the requirements of Section 26-1 of the School Code,
1348	1348	18 except that nothing shall be construed to require a child to
1349	1349	19 attend any particular public or nonpublic school to qualify
1350	1350	20 for the credit under this Section.
1351	1351	21 "Custodian" means, with respect to qualifying pupils, an
1352	1352	22 Illinois resident who is a parent, the parents, a legal
1353	1353	23 guardian, or the legal guardians of the qualifying pupils.
1354	1354	24 (n) River Edge Redevelopment Zone site remediation tax
1355	1355	25 credit.
1356	1356	26 (i) For tax years ending on or after December 31,
1357	1357
1358	1358
1359	1359
1360	1360
1361	1361
1362	1362	HB1578 - 37 - LRB103 04639 HLH 49647 b
1363	1363
1364	1364
1365	1365	HB1578- 38 -LRB103 04639 HLH 49647 b HB1578 - 38 - LRB103 04639 HLH 49647 b
1366	1366	HB1578 - 38 - LRB103 04639 HLH 49647 b
1367	1367	1 2006, a taxpayer shall be allowed a credit against the tax
1368	1368	2 imposed by subsections (a) and (b) of this Section for
1369	1369	3 certain amounts paid for unreimbursed eligible remediation
1370	1370	4 costs, as specified in this subsection. For purposes of
1371	1371	5 this Section, "unreimbursed eligible remediation costs"
1372	1372	6 means costs approved by the Illinois Environmental
1373	1373	7 Protection Agency ("Agency") under Section 58.14a of the
1374	1374	8 Environmental Protection Act that were paid in performing
1375	1375	9 environmental remediation at a site within a River Edge
1376	1376	10 Redevelopment Zone for which a No Further Remediation
1377	1377	11 Letter was issued by the Agency and recorded under Section
1378	1378	12 58.10 of the Environmental Protection Act. The credit must
1379	1379	13 be claimed for the taxable year in which Agency approval
1380	1380	14 of the eligible remediation costs is granted. The credit
1381	1381	15 is not available to any taxpayer if the taxpayer or any
1382	1382	16 related party caused or contributed to, in any material
1383	1383	17 respect, a release of regulated substances on, in, or
1384	1384	18 under the site that was identified and addressed by the
1385	1385	19 remedial action pursuant to the Site Remediation Program
1386	1386	20 of the Environmental Protection Act. Determinations as to
1387	1387	21 credit availability for purposes of this Section shall be
1388	1388	22 made consistent with rules adopted by the Pollution
1389	1389	23 Control Board pursuant to the Illinois Administrative
1390	1390	24 Procedure Act for the administration and enforcement of
1391	1391	25 Section 58.9 of the Environmental Protection Act. For
1392	1392	26 purposes of this Section, "taxpayer" includes a person
1393	1393
1394	1394
1395	1395
1396	1396
1397	1397
1398	1398	HB1578 - 38 - LRB103 04639 HLH 49647 b
1399	1399
1400	1400
1401	1401	HB1578- 39 -LRB103 04639 HLH 49647 b HB1578 - 39 - LRB103 04639 HLH 49647 b
1402	1402	HB1578 - 39 - LRB103 04639 HLH 49647 b
1403	1403	1 whose tax attributes the taxpayer has succeeded to under
1404	1404	2 Section 381 of the Internal Revenue Code and "related
1405	1405	3 party" includes the persons disallowed a deduction for
1406	1406	4 losses by paragraphs (b), (c), and (f)(1) of Section 267
1407	1407	5 of the Internal Revenue Code by virtue of being a related
1408	1408	6 taxpayer, as well as any of its partners. The credit
1409	1409	7 allowed against the tax imposed by subsections (a) and (b)
1410	1410	8 shall be equal to 25% of the unreimbursed eligible
1411	1411	9 remediation costs in excess of $100,000 per site.
1412	1412	10 (ii) A credit allowed under this subsection that is
1413	1413	11 unused in the year the credit is earned may be carried
1414	1414	12 forward to each of the 5 taxable years following the year
1415	1415	13 for which the credit is first earned until it is used. This
1416	1416	14 credit shall be applied first to the earliest year for
1417	1417	15 which there is a liability. If there is a credit under this
1418	1418	16 subsection from more than one tax year that is available
1419	1419	17 to offset a liability, the earliest credit arising under
1420	1420	18 this subsection shall be applied first. A credit allowed
1421	1421	19 under this subsection may be sold to a buyer as part of a
1422	1422	20 sale of all or part of the remediation site for which the
1423	1423	21 credit was granted. The purchaser of a remediation site
1424	1424	22 and the tax credit shall succeed to the unused credit and
1425	1425	23 remaining carry-forward period of the seller. To perfect
1426	1426	24 the transfer, the assignor shall record the transfer in
1427	1427	25 the chain of title for the site and provide written notice
1428	1428	26 to the Director of the Illinois Department of Revenue of
1429	1429
1430	1430
1431	1431
1432	1432
1433	1433
1434	1434	HB1578 - 39 - LRB103 04639 HLH 49647 b
1435	1435
1436	1436
1437	1437	HB1578- 40 -LRB103 04639 HLH 49647 b HB1578 - 40 - LRB103 04639 HLH 49647 b
1438	1438	HB1578 - 40 - LRB103 04639 HLH 49647 b
1439	1439	1 the assignor's intent to sell the remediation site and the
1440	1440	2 amount of the tax credit to be transferred as a portion of
1441	1441	3 the sale. In no event may a credit be transferred to any
1442	1442	4 taxpayer if the taxpayer or a related party would not be
1443	1443	5 eligible under the provisions of subsection (i).
1444	1444	6 (iii) For purposes of this Section, the term "site"
1445	1445	7 shall have the same meaning as under Section 58.2 of the
1446	1446	8 Environmental Protection Act.
1447	1447	9 (o) For each of taxable years during the Compassionate Use
1448	1448	10 of Medical Cannabis Program, a surcharge is imposed on all
1449	1449	11 taxpayers on income arising from the sale or exchange of
1450	1450	12 capital assets, depreciable business property, real property
1451	1451	13 used in the trade or business, and Section 197 intangibles of
1452	1452	14 an organization registrant under the Compassionate Use of
1453	1453	15 Medical Cannabis Program Act. The amount of the surcharge is
1454	1454	16 equal to the amount of federal income tax liability for the
1455	1455	17 taxable year attributable to those sales and exchanges. The
1456	1456	18 surcharge imposed does not apply if:
1457	1457	19 (1) the medical cannabis cultivation center
1458	1458	20 registration, medical cannabis dispensary registration, or
1459	1459	21 the property of a registration is transferred as a result
1460	1460	22 of any of the following:
1461	1461	23 (A) bankruptcy, a receivership, or a debt
1462	1462	24 adjustment initiated by or against the initial
1463	1463	25 registration or the substantial owners of the initial
1464	1464	26 registration;
1465	1465
1466	1466
1467	1467
1468	1468
1469	1469
1470	1470	HB1578 - 40 - LRB103 04639 HLH 49647 b
1471	1471
1472	1472
1473	1473	HB1578- 41 -LRB103 04639 HLH 49647 b HB1578 - 41 - LRB103 04639 HLH 49647 b
1474	1474	HB1578 - 41 - LRB103 04639 HLH 49647 b
1475	1475	1 (B) cancellation, revocation, or termination of
1476	1476	2 any registration by the Illinois Department of Public
1477	1477	3 Health;
1478	1478	4 (C) a determination by the Illinois Department of
1479	1479	5 Public Health that transfer of the registration is in
1480	1480	6 the best interests of Illinois qualifying patients as
1481	1481	7 defined by the Compassionate Use of Medical Cannabis
1482	1482	8 Program Act;
1483	1483	9 (D) the death of an owner of the equity interest in
1484	1484	10 a registrant;
1485	1485	11 (E) the acquisition of a controlling interest in
1486	1486	12 the stock or substantially all of the assets of a
1487	1487	13 publicly traded company;
1488	1488	14 (F) a transfer by a parent company to a wholly
1489	1489	15 owned subsidiary; or
1490	1490	16 (G) the transfer or sale to or by one person to
1491	1491	17 another person where both persons were initial owners
1492	1492	18 of the registration when the registration was issued;
1493	1493	19 or
1494	1494	20 (2) the cannabis cultivation center registration,
1495	1495	21 medical cannabis dispensary registration, or the
1496	1496	22 controlling interest in a registrant's property is
1497	1497	23 transferred in a transaction to lineal descendants in
1498	1498	24 which no gain or loss is recognized or as a result of a
1499	1499	25 transaction in accordance with Section 351 of the Internal
1500	1500	26 Revenue Code in which no gain or loss is recognized.
1501	1501
1502	1502
1503	1503
1504	1504
1505	1505
1506	1506	HB1578 - 41 - LRB103 04639 HLH 49647 b
1507	1507
1508	1508
1509	1509	HB1578- 42 -LRB103 04639 HLH 49647 b HB1578 - 42 - LRB103 04639 HLH 49647 b
1510	1510	HB1578 - 42 - LRB103 04639 HLH 49647 b
1511	1511	1 (p) Pass-through entity tax.
1512	1512	2 (1) For taxable years ending on or after December 31,
1513	1513	3 2021 and beginning prior to January 1, 2026, a partnership
1514	1514	4 (other than a publicly traded partnership under Section
1515	1515	5 7704 of the Internal Revenue Code) or Subchapter S
1516	1516	6 corporation may elect to apply the provisions of this
1517	1517	7 subsection. A separate election shall be made for each
1518	1518	8 taxable year. Such election shall be made at such time,
1519	1519	9 and in such form and manner as prescribed by the
1520	1520	10 Department, and, once made, is irrevocable.
1521	1521	11 (2) Entity-level tax. A partnership or Subchapter S
1522	1522	12 corporation electing to apply the provisions of this
1523	1523	13 subsection shall be subject to a tax for the privilege of
1524	1524	14 earning or receiving income in this State in an amount
1525	1525	15 equal to 4.95% of the taxpayer's net income for the
1526	1526	16 taxable year.
1527	1527	17 (3) Net income defined.
1528	1528	18 (A) In general. For purposes of paragraph (2), the
1529	1529	19 term net income has the same meaning as defined in
1530	1530	20 Section 202 of this Act, except that the following
1531	1531	21 provisions shall not apply:
1532	1532	22 (i) the standard exemption allowed under
1533	1533	23 Section 204;
1534	1534	24 (ii) the deduction for net losses allowed
1535	1535	25 under Section 207;
1536	1536	26 (iii) in the case of an S corporation, the
1537	1537
1538	1538
1539	1539
1540	1540
1541	1541
1542	1542	HB1578 - 42 - LRB103 04639 HLH 49647 b
1543	1543
1544	1544
1545	1545	HB1578- 43 -LRB103 04639 HLH 49647 b HB1578 - 43 - LRB103 04639 HLH 49647 b
1546	1546	HB1578 - 43 - LRB103 04639 HLH 49647 b
1547	1547	1 modification under Section 203(b)(2)(S); and
1548	1548	2 (iv) in the case of a partnership, the
1549	1549	3 modifications under Section 203(d)(2)(H) and
1550	1550	4 Section 203(d)(2)(I).
1551	1551	5 (B) Special rule for tiered partnerships. If a
1552	1552	6 taxpayer making the election under paragraph (1) is a
1553	1553	7 partner of another taxpayer making the election under
1554	1554	8 paragraph (1), net income shall be computed as
1555	1555	9 provided in subparagraph (A), except that the taxpayer
1556	1556	10 shall subtract its distributive share of the net
1557	1557	11 income of the electing partnership (including its
1558	1558	12 distributive share of the net income of the electing
1559	1559	13 partnership derived as a distributive share from
1560	1560	14 electing partnerships in which it is a partner).
1561	1561	15 (4) Credit for entity level tax. Each partner or
1562	1562	16 shareholder of a taxpayer making the election under this
1563	1563	17 Section shall be allowed a credit against the tax imposed
1564	1564	18 under subsections (a) and (b) of Section 201 of this Act
1565	1565	19 for the taxable year of the partnership or Subchapter S
1566	1566	20 corporation for which an election is in effect ending
1567	1567	21 within or with the taxable year of the partner or
1568	1568	22 shareholder in an amount equal to 4.95% times the partner
1569	1569	23 or shareholder's distributive share of the net income of
1570	1570	24 the electing partnership or Subchapter S corporation, but
1571	1571	25 not to exceed the partner's or shareholder's share of the
1572	1572	26 tax imposed under paragraph (1) which is actually paid by
1573	1573
1574	1574
1575	1575
1576	1576
1577	1577
1578	1578	HB1578 - 43 - LRB103 04639 HLH 49647 b
1579	1579
1580	1580
1581	1581	HB1578- 44 -LRB103 04639 HLH 49647 b HB1578 - 44 - LRB103 04639 HLH 49647 b
1582	1582	HB1578 - 44 - LRB103 04639 HLH 49647 b
1583	1583	1 the partnership or Subchapter S corporation. If the
1584	1584	2 taxpayer is a partnership or Subchapter S corporation that
1585	1585	3 is itself a partner of a partnership making the election
1586	1586	4 under paragraph (1), the credit under this paragraph shall
1587	1587	5 be allowed to the taxpayer's partners or shareholders (or
1588	1588	6 if the partner is a partnership or Subchapter S
1589	1589	7 corporation then its partners or shareholders) in
1590	1590	8 accordance with the determination of income and
1591	1591	9 distributive share of income under Sections 702 and 704
1592	1592	10 and Subchapter S of the Internal Revenue Code. If the
1593	1593	11 amount of the credit allowed under this paragraph exceeds
1594	1594	12 the partner's or shareholder's liability for tax imposed
1595	1595	13 under subsections (a) and (b) of Section 201 of this Act
1596	1596	14 for the taxable year, such excess shall be treated as an
1597	1597	15 overpayment for purposes of Section 909 of this Act.
1598	1598	16 (5) Nonresidents. A nonresident individual who is a
1599	1599	17 partner or shareholder of a partnership or Subchapter S
1600	1600	18 corporation for a taxable year for which an election is in
1601	1601	19 effect under paragraph (1) shall not be required to file
1602	1602	20 an income tax return under this Act for such taxable year
1603	1603	21 if the only source of net income of the individual (or the
1604	1604	22 individual and the individual's spouse in the case of a
1605	1605	23 joint return) is from an entity making the election under
1606	1606	24 paragraph (1) and the credit allowed to the partner or
1607	1607	25 shareholder under paragraph (4) equals or exceeds the
1608	1608	26 individual's liability for the tax imposed under
1609	1609
1610	1610
1611	1611
1612	1612
1613	1613
1614	1614	HB1578 - 44 - LRB103 04639 HLH 49647 b
1615	1615
1616	1616
1617	1617	HB1578- 45 -LRB103 04639 HLH 49647 b HB1578 - 45 - LRB103 04639 HLH 49647 b
1618	1618	HB1578 - 45 - LRB103 04639 HLH 49647 b
1619	1619	1 subsections (a) and (b) of Section 201 of this Act for the
1620	1620	2 taxable year.
1621	1621	3 (6) Liability for tax. Except as provided in this
1622	1622	4 paragraph, a partnership or Subchapter S making the
1623	1623	5 election under paragraph (1) is liable for the
1624	1624	6 entity-level tax imposed under paragraph (2). If the
1625	1625	7 electing partnership or corporation fails to pay the full
1626	1626	8 amount of tax deemed assessed under paragraph (2), the
1627	1627	9 partners or shareholders shall be liable to pay the tax
1628	1628	10 assessed (including penalties and interest). Each partner
1629	1629	11 or shareholder shall be liable for the unpaid assessment
1630	1630	12 based on the ratio of the partner's or shareholder's share
1631	1631	13 of the net income of the partnership over the total net
1632	1632	14 income of the partnership. If the partnership or
1633	1633	15 Subchapter S corporation fails to pay the tax assessed
1634	1634	16 (including penalties and interest) and thereafter an
1635	1635	17 amount of such tax is paid by the partners or
1636	1636	18 shareholders, such amount shall not be collected from the
1637	1637	19 partnership or corporation.
1638	1638	20 (7) Foreign tax. For purposes of the credit allowed
1639	1639	21 under Section 601(b)(3) of this Act, tax paid by a
1640	1640	22 partnership or Subchapter S corporation to another state
1641	1641	23 which, as determined by the Department, is substantially
1642	1642	24 similar to the tax imposed under this subsection, shall be
1643	1643	25 considered tax paid by the partner or shareholder to the
1644	1644	26 extent that the partner's or shareholder's share of the
1645	1645
1646	1646
1647	1647
1648	1648
1649	1649
1650	1650	HB1578 - 45 - LRB103 04639 HLH 49647 b
1651	1651
1652	1652
1653	1653	HB1578- 46 -LRB103 04639 HLH 49647 b HB1578 - 46 - LRB103 04639 HLH 49647 b
1654	1654	HB1578 - 46 - LRB103 04639 HLH 49647 b
1655	1655	1 income of the partnership or Subchapter S corporation
1656	1656	2 allocated and apportioned to such other state bears to the
1657	1657	3 total income of the partnership or Subchapter S
1658	1658	4 corporation allocated or apportioned to such other state.
1659	1659	5 (8) Suspension of withholding. The provisions of
1660	1660	6 Section 709.5 of this Act shall not apply to a partnership
1661	1661	7 or Subchapter S corporation for the taxable year for which
1662	1662	8 an election under paragraph (1) is in effect.
1663	1663	9 (9) Requirement to pay estimated tax. For each taxable
1664	1664	10 year for which an election under paragraph (1) is in
1665	1665	11 effect, a partnership or Subchapter S corporation is
1666	1666	12 required to pay estimated tax for such taxable year under
1667	1667	13 Sections 803 and 804 of this Act if the amount payable as
1668	1668	14 estimated tax can reasonably be expected to exceed $500.
1669	1669	15 (10) The provisions of this subsection shall apply
1670	1670	16 only with respect to taxable years for which the
1671	1671	17 limitation on individual deductions applies under Section
1672	1672	18 164(b)(6) of the Internal Revenue Code.
1673	1673	19 (Source: P.A. 101-9, eff. 6-5-19; 101-31, eff. 6-28-19;
1674	1674	20 101-207, eff. 8-2-19; 101-363, eff. 8-9-19; 102-558, eff.
1675	1675	21 8-20-21; 102-658, eff. 8-27-21.)
1676	1676	22 (35 ILCS 5/704A)
1677	1677	23 Sec. 704A. Employer's return and payment of tax withheld.
1678	1678	24 (a) In general, every employer who deducts and withholds
1679	1679	25 or is required to deduct and withhold tax under this Act on or
1680	1680
1681	1681
1682	1682
1683	1683
1684	1684
1685	1685	HB1578 - 46 - LRB103 04639 HLH 49647 b
1686	1686
1687	1687
1688	1688	HB1578- 47 -LRB103 04639 HLH 49647 b HB1578 - 47 - LRB103 04639 HLH 49647 b
1689	1689	HB1578 - 47 - LRB103 04639 HLH 49647 b
1690	1690	1 after January 1, 2008 shall make those payments and returns as
1691	1691	2 provided in this Section.
1692	1692	3 (b) Returns. Every employer shall, in the form and manner
1693	1693	4 required by the Department, make returns with respect to taxes
1694	1694	5 withheld or required to be withheld under this Article 7 for
1695	1695	6 each quarter beginning on or after January 1, 2008, on or
1696	1696	7 before the last day of the first month following the close of
1697	1697	8 that quarter.
1698	1698	9 (c) Payments. With respect to amounts withheld or required
1699	1699	10 to be withheld on or after January 1, 2008:
1700	1700	11 (1) Semi-weekly payments. For each calendar year, each
1701	1701	12 employer who withheld or was required to withhold more
1702	1702	13 than $12,000 during the one-year period ending on June 30
1703	1703	14 of the immediately preceding calendar year, payment must
1704	1704	15 be made:
1705	1705	16 (A) on or before each Friday of the calendar year,
1706	1706	17 for taxes withheld or required to be withheld on the
1707	1707	18 immediately preceding Saturday, Sunday, Monday, or
1708	1708	19 Tuesday;
1709	1709	20 (B) on or before each Wednesday of the calendar
1710	1710	21 year, for taxes withheld or required to be withheld on
1711	1711	22 the immediately preceding Wednesday, Thursday, or
1712	1712	23 Friday.
1713	1713	24 Beginning with calendar year 2011, payments made under
1714	1714	25 this paragraph (1) of subsection (c) must be made by
1715	1715	26 electronic funds transfer.
1716	1716
1717	1717
1718	1718
1719	1719
1720	1720
1721	1721	HB1578 - 47 - LRB103 04639 HLH 49647 b
1722	1722
1723	1723
1724	1724	HB1578- 48 -LRB103 04639 HLH 49647 b HB1578 - 48 - LRB103 04639 HLH 49647 b
1725	1725	HB1578 - 48 - LRB103 04639 HLH 49647 b
1726	1726	1 (2) Semi-weekly payments. Any employer who withholds
1727	1727	2 or is required to withhold more than $12,000 in any
1728	1728	3 quarter of a calendar year is required to make payments on
1729	1729	4 the dates set forth under item (1) of this subsection (c)
1730	1730	5 for each remaining quarter of that calendar year and for
1731	1731	6 the subsequent calendar year.
1732	1732	7 (3) Monthly payments. Each employer, other than an
1733	1733	8 employer described in items (1) or (2) of this subsection,
1734	1734	9 shall pay to the Department, on or before the 15th day of
1735	1735	10 each month the taxes withheld or required to be withheld
1736	1736	11 during the immediately preceding month.
1737	1737	12 (4) Payments with returns. Each employer shall pay to
1738	1738	13 the Department, on or before the due date for each return
1739	1739	14 required to be filed under this Section, any tax withheld
1740	1740	15 or required to be withheld during the period for which the
1741	1741	16 return is due and not previously paid to the Department.
1742	1742	17 (d) Regulatory authority. The Department may, by rule:
1743	1743	18 (1) Permit employers, in lieu of the requirements of
1744	1744	19 subsections (b) and (c), to file annual returns due on or
1745	1745	20 before January 31 of the year for taxes withheld or
1746	1746	21 required to be withheld during the previous calendar year
1747	1747	22 and, if the aggregate amounts required to be withheld by
1748	1748	23 the employer under this Article 7 (other than amounts
1749	1749	24 required to be withheld under Section 709.5) do not exceed
1750	1750	25 $1,000 for the previous calendar year, to pay the taxes
1751	1751	26 required to be shown on each such return no later than the
1752	1752
1753	1753
1754	1754
1755	1755
1756	1756
1757	1757	HB1578 - 48 - LRB103 04639 HLH 49647 b
1758	1758
1759	1759
1760	1760	HB1578- 49 -LRB103 04639 HLH 49647 b HB1578 - 49 - LRB103 04639 HLH 49647 b
1761	1761	HB1578 - 49 - LRB103 04639 HLH 49647 b
1762	1762	1 due date for such return.
1763	1763	2 (2) Provide that any payment required to be made under
1764	1764	3 subsection (c)(1) or (c)(2) is deemed to be timely to the
1765	1765	4 extent paid by electronic funds transfer on or before the
1766	1766	5 due date for deposit of federal income taxes withheld
1767	1767	6 from, or federal employment taxes due with respect to, the
1768	1768	7 wages from which the Illinois taxes were withheld.
1769	1769	8 (3) Designate one or more depositories to which
1770	1770	9 payment of taxes required to be withheld under this
1771	1771	10 Article 7 must be paid by some or all employers.
1772	1772	11 (4) Increase the threshold dollar amounts at which
1773	1773	12 employers are required to make semi-weekly payments under
1774	1774	13 subsection (c)(1) or (c)(2).
1775	1775	14 (e) Annual return and payment. Every employer who deducts
1776	1776	15 and withholds or is required to deduct and withhold tax from a
1777	1777	16 person engaged in domestic service employment, as that term is
1778	1778	17 defined in Section 3510 of the Internal Revenue Code, may
1779	1779	18 comply with the requirements of this Section with respect to
1780	1780	19 such employees by filing an annual return and paying the taxes
1781	1781	20 required to be deducted and withheld on or before the 15th day
1782	1782	21 of the fourth month following the close of the employer's
1783	1783	22 taxable year. The Department may allow the employer's return
1784	1784	23 to be submitted with the employer's individual income tax
1785	1785	24 return or to be submitted with a return due from the employer
1786	1786	25 under Section 1400.2 of the Unemployment Insurance Act.
1787	1787	26 (f) Magnetic media and electronic filing. With respect to
1788	1788
1789	1789
1790	1790
1791	1791
1792	1792
1793	1793	HB1578 - 49 - LRB103 04639 HLH 49647 b
1794	1794
1795	1795
1796	1796	HB1578- 50 -LRB103 04639 HLH 49647 b HB1578 - 50 - LRB103 04639 HLH 49647 b
1797	1797	HB1578 - 50 - LRB103 04639 HLH 49647 b
1798	1798	1 taxes withheld in calendar years prior to 2017, any W-2 Form
1799	1799	2 that, under the Internal Revenue Code and regulations
1800	1800	3 promulgated thereunder, is required to be submitted to the
1801	1801	4 Internal Revenue Service on magnetic media or electronically
1802	1802	5 must also be submitted to the Department on magnetic media or
1803	1803	6 electronically for Illinois purposes, if required by the
1804	1804	7 Department.
1805	1805	8 With respect to taxes withheld in 2017 and subsequent
1806	1806	9 calendar years, the Department may, by rule, require that any
1807	1807	10 return (including any amended return) under this Section and
1808	1808	11 any W-2 Form that is required to be submitted to the Department
1809	1809	12 must be submitted on magnetic media or electronically.
1810	1810	13 The due date for submitting W-2 Forms shall be as
1811	1811	14 prescribed by the Department by rule.
1812	1812	15 (g) For amounts deducted or withheld after December 31,
1813	1813	16 2009, a taxpayer who makes an election under subsection (f) of
1814	1814	17 Section 5-15 of the Economic Development for a Growing Economy
1815	1815	18 Tax Credit Act for a taxable year shall be allowed a credit
1816	1816	19 against payments due under this Section for amounts withheld
1817	1817	20 during the first calendar year beginning after the end of that
1818	1818	21 taxable year equal to the amount of the credit for the
1819	1819	22 incremental income tax attributable to full-time employees of
1820	1820	23 the taxpayer awarded to the taxpayer by the Department of
1821	1821	24 Commerce and Economic Opportunity under the Economic
1822	1822	25 Development for a Growing Economy Tax Credit Act for the
1823	1823	26 taxable year and credits not previously claimed and allowed to
1824	1824
1825	1825
1826	1826
1827	1827
1828	1828
1829	1829	HB1578 - 50 - LRB103 04639 HLH 49647 b
1830	1830
1831	1831
1832	1832	HB1578- 51 -LRB103 04639 HLH 49647 b HB1578 - 51 - LRB103 04639 HLH 49647 b
1833	1833	HB1578 - 51 - LRB103 04639 HLH 49647 b
1834	1834	1 be carried forward under Section 211(4) of this Act as
1835	1835	2 provided in subsection (f) of Section 5-15 of the Economic
1836	1836	3 Development for a Growing Economy Tax Credit Act. The credit
1837	1837	4 or credits may not reduce the taxpayer's obligation for any
1838	1838	5 payment due under this Section to less than zero. If the amount
1839	1839	6 of the credit or credits exceeds the total payments due under
1840	1840	7 this Section with respect to amounts withheld during the
1841	1841	8 calendar year, the excess may be carried forward and applied
1842	1842	9 against the taxpayer's liability under this Section in the
1843	1843	10 succeeding calendar years as allowed to be carried forward
1844	1844	11 under paragraph (4) of Section 211 of this Act. The credit or
1845	1845	12 credits shall be applied to the earliest year for which there
1846	1846	13 is a tax liability. If there are credits from more than one
1847	1847	14 taxable year that are available to offset a liability, the
1848	1848	15 earlier credit shall be applied first. Each employer who
1849	1849	16 deducts and withholds or is required to deduct and withhold
1850	1850	17 tax under this Act and who retains income tax withholdings
1851	1851	18 under subsection (f) of Section 5-15 of the Economic
1852	1852	19 Development for a Growing Economy Tax Credit Act must make a
1853	1853	20 return with respect to such taxes and retained amounts in the
1854	1854	21 form and manner that the Department, by rule, requires and pay
1855	1855	22 to the Department or to a depositary designated by the
1856	1856	23 Department those withheld taxes not retained by the taxpayer.
1857	1857	24 For purposes of this subsection (g), the term taxpayer shall
1858	1858	25 include taxpayer and members of the taxpayer's unitary
1859	1859	26 business group as defined under paragraph (27) of subsection
1860	1860
1861	1861
1862	1862
1863	1863
1864	1864
1865	1865	HB1578 - 51 - LRB103 04639 HLH 49647 b
1866	1866
1867	1867
1868	1868	HB1578- 52 -LRB103 04639 HLH 49647 b HB1578 - 52 - LRB103 04639 HLH 49647 b
1869	1869	HB1578 - 52 - LRB103 04639 HLH 49647 b
1870	1870	1 (a) of Section 1501 of this Act. This Section is exempt from
1871	1871	2 the provisions of Section 250 of this Act. No credit awarded
1872	1872	3 under the Economic Development for a Growing Economy Tax
1873	1873	4 Credit Act for agreements entered into on or after January 1,
1874	1874	5 2015 may be credited against payments due under this Section.
1875	1875	6 (g-1) For amounts deducted or withheld after December 31,
1876	1876	7 2024, a taxpayer who makes an election under the Reimagining
1877	1877	8 Electric Vehicles in Illinois Act shall be allowed a credit
1878	1878	9 against payments due under this Section for amounts withheld
1879	1879	10 during the first quarterly reporting period beginning after
1880	1880	11 the certificate is issued equal to the portion of the REV
1881	1881	12 Illinois Credit attributable to the incremental income tax
1882	1882	13 attributable to new employees and retained employees as
1883	1883	14 certified by the Department of Commerce and Economic
1884	1884	15 Opportunity pursuant to an agreement with the taxpayer under
1885	1885	16 the Reimagining Electric Vehicles in Illinois Act for the
1886	1886	17 taxable year. The credit or credits may not reduce the
1887	1887	18 taxpayer's obligation for any payment due under this Section
1888	1888	19 to less than zero. If the amount of the credit or credits
1889	1889	20 exceeds the total payments due under this Section with respect
1890	1890	21 to amounts withheld during the quarterly reporting period, the
1891	1891	22 excess may be carried forward and applied against the
1892	1892	23 taxpayer's liability under this Section in the succeeding
1893	1893	24 quarterly reporting period as allowed to be carried forward
1894	1894	25 under paragraph (4) of Section 211 of this Act. The credit or
1895	1895	26 credits shall be applied to the earliest quarterly reporting
1896	1896
1897	1897
1898	1898
1899	1899
1900	1900
1901	1901	HB1578 - 52 - LRB103 04639 HLH 49647 b
1902	1902
1903	1903
1904	1904	HB1578- 53 -LRB103 04639 HLH 49647 b HB1578 - 53 - LRB103 04639 HLH 49647 b
1905	1905	HB1578 - 53 - LRB103 04639 HLH 49647 b
1906	1906	1 period for which there is a tax liability. If there are credits
1907	1907	2 from more than one quarterly reporting period that are
1908	1908	3 available to offset a liability, the earlier credit shall be
1909	1909	4 applied first. Each employer who deducts and withholds or is
1910	1910	5 required to deduct and withhold tax under this Act and who
1911	1911	6 retains income tax withholdings this subsection must make a
1912	1912	7 return with respect to such taxes and retained amounts in the
1913	1913	8 form and manner that the Department, by rule, requires and pay
1914	1914	9 to the Department or to a depositary designated by the
1915	1915	10 Department those withheld taxes not retained by the taxpayer.
1916	1916	11 For purposes of this subsection (g-1), the term taxpayer shall
1917	1917	12 include taxpayer and members of the taxpayer's unitary
1918	1918	13 business group as defined under paragraph (27) of subsection
1919	1919	14 (a) of Section 1501 of this Act. This Section is exempt from
1920	1920	15 the provisions of Section 250 of this Act.
1921	1921	16 (g-2) For amounts deducted or withheld after December 31,
1922	1922	17 2024, a taxpayer who makes an election under the Manufacturing
1923	1923	18 Illinois Chips for Real Opportunity (MICRO) Act shall be
1924	1924	19 allowed a credit against payments due under this Section for
1925	1925	20 amounts withheld during the first quarterly reporting period
1926	1926	21 beginning after the certificate is issued equal to the portion
1927	1927	22 of the MICRO Illinois Credit attributable to the incremental
1928	1928	23 income tax attributable to new employees and retained
1929	1929	24 employees as certified by the Department of Commerce and
1930	1930	25 Economic Opportunity pursuant to an agreement with the
1931	1931	26 taxpayer under the Manufacturing Illinois Chips for Real
1932	1932
1933	1933
1934	1934
1935	1935
1936	1936
1937	1937	HB1578 - 53 - LRB103 04639 HLH 49647 b
1938	1938
1939	1939
1940	1940	HB1578- 54 -LRB103 04639 HLH 49647 b HB1578 - 54 - LRB103 04639 HLH 49647 b
1941	1941	HB1578 - 54 - LRB103 04639 HLH 49647 b
1942	1942	1 Opportunity (MICRO) Act for the taxable year. The credit or
1943	1943	2 credits may not reduce the taxpayer's obligation for any
1944	1944	3 payment due under this Section to less than zero. If the amount
1945	1945	4 of the credit or credits exceeds the total payments due under
1946	1946	5 this Section with respect to amounts withheld during the
1947	1947	6 quarterly reporting period, the excess may be carried forward
1948	1948	7 and applied against the taxpayer's liability under this
1949	1949	8 Section in the succeeding quarterly reporting period as
1950	1950	9 allowed to be carried forward under paragraph (4) of Section
1951	1951	10 211 of this Act. The credit or credits shall be applied to the
1952	1952	11 earliest quarterly reporting period for which there is a tax
1953	1953	12 liability. If there are credits from more than one quarterly
1954	1954	13 reporting period that are available to offset a liability, the
1955	1955	14 earlier credit shall be applied first. Each employer who
1956	1956	15 deducts and withholds or is required to deduct and withhold
1957	1957	16 tax under this Act and who retains income tax withholdings
1958	1958	17 this subsection must make a return with respect to such taxes
1959	1959	18 and retained amounts in the form and manner that the
1960	1960	19 Department, by rule, requires and pay to the Department or to a
1961	1961	20 depositary designated by the Department those withheld taxes
1962	1962	21 not retained by the taxpayer. For purposes of this subsection,
1963	1963	22 the term taxpayer shall include taxpayer and members of the
1964	1964	23 taxpayer's unitary business group as defined under paragraph
1965	1965	24 (27) of subsection (a) of Section 1501 of this Act. This
1966	1966	25 Section is exempt from the provisions of Section 250 of this
1967	1967	26 Act.
1968	1968
1969	1969
1970	1970
1971	1971
1972	1972
1973	1973	HB1578 - 54 - LRB103 04639 HLH 49647 b
1974	1974
1975	1975
1976	1976	HB1578- 55 -LRB103 04639 HLH 49647 b HB1578 - 55 - LRB103 04639 HLH 49647 b
1977	1977	HB1578 - 55 - LRB103 04639 HLH 49647 b
1978	1978	1 (g-3) A taxpayer who makes an election under subsection
1979	1979	2 (k) of Section 201 of this Act for a taxable year shall be
1980	1980	3 allowed a credit against payments due under this Section for
1981	1981	4 amounts withheld during the first calendar year beginning
1982	1982	5 after the last day of the taxable year for which the election
1983	1983	6 is made. The credit against withholding shall be equal to the
1984	1984	7 amount of the credit allowed under subsection (k) of Section
1985	1985	8 201 of this Act. The credit or credits may not reduce the
1986	1986	9 taxpayer's obligation for any payment due under this Section
1987	1987	10 to less than zero. If the amount of the credit or credits
1988	1988	11 exceeds the total payments due under this Section with respect
1989	1989	12 to amounts withheld during the calendar year, the excess may
1990	1990	13 be carried forward and applied against the taxpayer's
1991	1991	14 liability under this Section in the succeeding calendar years
1992	1992	15 as allowed to be carried forward under paragraph (4) of
1993	1993	16 Section 211 of this Act. The credit or credits shall be applied
1994	1994	17 to the earliest year for which there is a tax liability. If
1995	1995	18 there are credits from more than one taxable year that are
1996	1996	19 available to offset a liability, the earlier credit shall be
1997	1997	20 applied first. Each employer who deducts and withholds or is
1998	1998	21 required to deduct and withhold tax under this Act and who
1999	1999	22 elects to take a credit against taxes imposed under this
2000	2000	23 Section pursuant to subsection (k) of Section 201 of this Act
2001	2001	24 must make a return with respect to such taxes and retained
2002	2002	25 amounts in the form and manner that the Department, by rule,
2003	2003	26 requires and pay to the Department or to a depositary
2004	2004
2005	2005
2006	2006
2007	2007
2008	2008
2009	2009	HB1578 - 55 - LRB103 04639 HLH 49647 b
2010	2010
2011	2011
2012	2012	HB1578- 56 -LRB103 04639 HLH 49647 b HB1578 - 56 - LRB103 04639 HLH 49647 b
2013	2013	HB1578 - 56 - LRB103 04639 HLH 49647 b
2014	2014	1 designated by the Department those withheld taxes not retained
2015	2015	2 by the taxpayer.
2016	2016	3 (h) An employer may claim a credit against payments due
2017	2017	4 under this Section for amounts withheld during the first
2018	2018	5 calendar year ending after the date on which a tax credit
2019	2019	6 certificate was issued under Section 35 of the Small Business
2020	2020	7 Job Creation Tax Credit Act. The credit shall be equal to the
2021	2021	8 amount shown on the certificate, but may not reduce the
2022	2022	9 taxpayer's obligation for any payment due under this Section
2023	2023	10 to less than zero. If the amount of the credit exceeds the
2024	2024	11 total payments due under this Section with respect to amounts
2025	2025	12 withheld during the calendar year, the excess may be carried
2026	2026	13 forward and applied against the taxpayer's liability under
2027	2027	14 this Section in the 5 succeeding calendar years. The credit
2028	2028	15 shall be applied to the earliest year for which there is a tax
2029	2029	16 liability. If there are credits from more than one calendar
2030	2030	17 year that are available to offset a liability, the earlier
2031	2031	18 credit shall be applied first. This Section is exempt from the
2032	2032	19 provisions of Section 250 of this Act.
2033	2033	20 (i) Each employer with 50 or fewer full-time equivalent
2034	2034	21 employees during the reporting period may claim a credit
2035	2035	22 against the payments due under this Section for each qualified
2036	2036	23 employee in an amount equal to the maximum credit allowable.
2037	2037	24 The credit may be taken against payments due for reporting
2038	2038	25 periods that begin on or after January 1, 2020, and end on or
2039	2039	26 before December 31, 2027. An employer may not claim a credit
2040	2040
2041	2041
2042	2042
2043	2043
2044	2044
2045	2045	HB1578 - 56 - LRB103 04639 HLH 49647 b
2046	2046
2047	2047
2048	2048	HB1578- 57 -LRB103 04639 HLH 49647 b HB1578 - 57 - LRB103 04639 HLH 49647 b
2049	2049	HB1578 - 57 - LRB103 04639 HLH 49647 b
2050	2050	1 for an employee who has worked fewer than 90 consecutive days
2051	2051	2 immediately preceding the reporting period; however, such
2052	2052	3 credits may accrue during that 90-day period and be claimed
2053	2053	4 against payments under this Section for future reporting
2054	2054	5 periods after the employee has worked for the employer at
2055	2055	6 least 90 consecutive days. In no event may the credit exceed
2056	2056	7 the employer's liability for the reporting period. Each
2057	2057	8 employer who deducts and withholds or is required to deduct
2058	2058	9 and withhold tax under this Act and who retains income tax
2059	2059	10 withholdings under this subsection must make a return with
2060	2060	11 respect to such taxes and retained amounts in the form and
2061	2061	12 manner that the Department, by rule, requires and pay to the
2062	2062	13 Department or to a depositary designated by the Department
2063	2063	14 those withheld taxes not retained by the employer.
2064	2064	15 For each reporting period, the employer may not claim a
2065	2065	16 credit or credits for more employees than the number of
2066	2066	17 employees making less than the minimum or reduced wage for the
2067	2067	18 current calendar year during the last reporting period of the
2068	2068	19 preceding calendar year. Notwithstanding any other provision
2069	2069	20 of this subsection, an employer shall not be eligible for
2070	2070	21 credits for a reporting period unless the average wage paid by
2071	2071	22 the employer per employee for all employees making less than
2072	2072	23 $55,000 during the reporting period is greater than the
2073	2073	24 average wage paid by the employer per employee for all
2074	2074	25 employees making less than $55,000 during the same reporting
2075	2075	26 period of the prior calendar year.
2076	2076
2077	2077
2078	2078
2079	2079
2080	2080
2081	2081	HB1578 - 57 - LRB103 04639 HLH 49647 b
2082	2082
2083	2083
2084	2084	HB1578- 58 -LRB103 04639 HLH 49647 b HB1578 - 58 - LRB103 04639 HLH 49647 b
2085	2085	HB1578 - 58 - LRB103 04639 HLH 49647 b
2086	2086	1 For purposes of this subsection (i):
2087	2087	2 "Compensation paid in Illinois" has the meaning ascribed
2088	2088	3 to that term under Section 304(a)(2)(B) of this Act.
2089	2089	4 "Employer" and "employee" have the meaning ascribed to
2090	2090	5 those terms in the Minimum Wage Law, except that "employee"
2091	2091	6 also includes employees who work for an employer with fewer
2092	2092	7 than 4 employees. Employers that operate more than one
2093	2093	8 establishment pursuant to a franchise agreement or that
2094	2094	9 constitute members of a unitary business group shall aggregate
2095	2095	10 their employees for purposes of determining eligibility for
2096	2096	11 the credit.
2097	2097	12 "Full-time equivalent employees" means the ratio of the
2098	2098	13 number of paid hours during the reporting period and the
2099	2099	14 number of working hours in that period.
2100	2100	15 "Maximum credit" means the percentage listed below of the
2101	2101	16 difference between the amount of compensation paid in Illinois
2102	2102	17 to employees who are paid not more than the required minimum
2103	2103	18 wage reduced by the amount of compensation paid in Illinois to
2104	2104	19 employees who were paid less than the current required minimum
2105	2105	20 wage during the reporting period prior to each increase in the
2106	2106	21 required minimum wage on January 1. If an employer pays an
2107	2107	22 employee more than the required minimum wage and that employee
2108	2108	23 previously earned less than the required minimum wage, the
2109	2109	24 employer may include the portion that does not exceed the
2110	2110	25 required minimum wage as compensation paid in Illinois to
2111	2111	26 employees who are paid not more than the required minimum
2112	2112
2113	2113
2114	2114
2115	2115
2116	2116
2117	2117	HB1578 - 58 - LRB103 04639 HLH 49647 b
2118	2118
2119	2119
2120	2120	HB1578- 59 -LRB103 04639 HLH 49647 b HB1578 - 59 - LRB103 04639 HLH 49647 b
2121	2121	HB1578 - 59 - LRB103 04639 HLH 49647 b
2122	2122	1 wage.
2123	2123	2 (1) 25% for reporting periods beginning on or after
2124	2124	3 January 1, 2020 and ending on or before December 31, 2020;
2125	2125	4 (2) 21% for reporting periods beginning on or after
2126	2126	5 January 1, 2021 and ending on or before December 31, 2021;
2127	2127	6 (3) 17% for reporting periods beginning on or after
2128	2128	7 January 1, 2022 and ending on or before December 31, 2022;
2129	2129	8 (4) 13% for reporting periods beginning on or after
2130	2130	9 January 1, 2023 and ending on or before December 31, 2023;
2131	2131	10 (5) 9% for reporting periods beginning on or after
2132	2132	11 January 1, 2024 and ending on or before December 31, 2024;
2133	2133	12 (6) 5% for reporting periods beginning on or after
2134	2134	13 January 1, 2025 and ending on or before December 31, 2025.
2135	2135	14 The amount computed under this subsection may continue to
2136	2136	15 be claimed for reporting periods beginning on or after January
2137	2137	16 1, 2026 and:
2138	2138	17 (A) ending on or before December 31, 2026 for
2139	2139	18 employers with more than 5 employees; or
2140	2140	19 (B) ending on or before December 31, 2027 for
2141	2141	20 employers with no more than 5 employees.
2142	2142	21 "Qualified employee" means an employee who is paid not
2143	2143	22 more than the required minimum wage and has an average wage
2144	2144	23 paid per hour by the employer during the reporting period
2145	2145	24 equal to or greater than his or her average wage paid per hour
2146	2146	25 by the employer during each reporting period for the
2147	2147	26 immediately preceding 12 months. A new qualified employee is
2148	2148
2149	2149
2150	2150
2151	2151
2152	2152
2153	2153	HB1578 - 59 - LRB103 04639 HLH 49647 b
2154	2154
2155	2155
2156	2156	HB1578- 60 -LRB103 04639 HLH 49647 b HB1578 - 60 - LRB103 04639 HLH 49647 b
2157	2157	HB1578 - 60 - LRB103 04639 HLH 49647 b
2158	2158	1 deemed to have earned the required minimum wage in the
2159	2159	2 preceding reporting period.
2160	2160	3 "Reporting period" means the quarter for which a return is
2161	2161	4 required to be filed under subsection (b) of this Section.
2162	2162	5 (j) For reporting periods beginning on or after January 1,
2163	2163	6 2023, if a private employer grants all of its employees the
2164	2164	7 option of taking a paid leave of absence of at least 30 days
2165	2165	8 for the purpose of serving as an organ donor or bone marrow
2166	2166	9 donor, then the private employer may take a credit against the
2167	2167	10 payments due under this Section in an amount equal to the
2168	2168	11 amount withheld under this Section with respect to wages paid
2169	2169	12 while the employee is on organ donation leave, not to exceed
2170	2170	13 $1,000 in withholdings for each employee who takes organ
2171	2171	14 donation leave. To be eligible for the credit, such a leave of
2172	2172	15 absence must be taken without loss of pay, vacation time,
2173	2173	16 compensatory time, personal days, or sick time for at least
2174	2174	17 the first 30 days of the leave of absence. The private employer
2175	2175	18 shall adopt rules governing organ donation leave, including
2176	2176	19 rules that (i) establish conditions and procedures for
2177	2177	20 requesting and approving leave and (ii) require medical
2178	2178	21 documentation of the proposed organ or bone marrow donation
2179	2179	22 before leave is approved by the private employer. A private
2180	2180	23 employer must provide, in the manner required by the
2181	2181	24 Department, documentation from the employee's medical
2182	2182	25 provider, which the private employer receives from the
2183	2183	26 employee, that verifies the employee's organ donation. The
2184	2184
2185	2185
2186	2186
2187	2187
2188	2188
2189	2189	HB1578 - 60 - LRB103 04639 HLH 49647 b
2190	2190
2191	2191
2192	2192	HB1578- 61 -LRB103 04639 HLH 49647 b HB1578 - 61 - LRB103 04639 HLH 49647 b
2193	2193	HB1578 - 61 - LRB103 04639 HLH 49647 b
2194	2194	1 private employer must also provide, in the manner required by
2195	2195	2 the Department, documentation that shows that a qualifying
2196	2196	3 organ donor leave policy was in place and offered to all
2197	2197	4 qualifying employees at the time the leave was taken. For the
2198	2198	5 private employer to receive the tax credit, the employee
2199	2199	6 taking organ donor leave must allow for the applicable medical
2200	2200	7 records to be disclosed to the Department. If the private
2201	2201	8 employer cannot provide the required documentation to the
2202	2202	9 Department, then the private employer is ineligible for the
2203	2203	10 credit under this Section. A private employer must also
2204	2204	11 provide, in the form required by the Department, any
2205	2205	12 additional documentation or information required by the
2206	2206	13 Department to administer the credit under this Section. The
2207	2207	14 credit under this subsection (j) shall be taken within one
2208	2208	15 year after the date upon which the organ donation leave
2209	2209	16 begins. If the leave taken spans into a second tax year, the
2210	2210	17 employer qualifies for the allowable credit in the later of
2211	2211	18 the 2 years. If the amount of credit exceeds the tax liability
2212	2212	19 for the year, the excess may be carried and applied to the tax
2213	2213	20 liability for the 3 taxable years following the excess credit
2214	2214	21 year. The tax credit shall be applied to the earliest year for
2215	2215	22 which there is a tax liability. If there are credits for more
2216	2216	23 than one year that are available to offset liability, the
2217	2217	24 earlier credit shall be applied first.
2218	2218	25 Nothing in this subsection (j) prohibits a private
2219	2219	26 employer from providing an unpaid leave of absence to its
2220	2220
2221	2221
2222	2222
2223	2223
2224	2224
2225	2225	HB1578 - 61 - LRB103 04639 HLH 49647 b
2226	2226
2227	2227
2228	2228	HB1578- 62 -LRB103 04639 HLH 49647 b HB1578 - 62 - LRB103 04639 HLH 49647 b
2229	2229	HB1578 - 62 - LRB103 04639 HLH 49647 b
2230	2230	1 employees for the purpose of serving as an organ donor or bone
2231	2231	2 marrow donor; however, if the employer's policy provides for
2232	2232	3 fewer than 30 days of paid leave for organ or bone marrow
2233	2233	4 donation, then the employer shall not be eligible for the
2234	2234	5 credit under this Section.
2235	2235	6 As used in this subsection (j):
2236	2236	7 "Organ" means any biological tissue of the human body that
2237	2237	8 may be donated by a living donor, including, but not limited
2238	2238	9 to, the kidney, liver, lung, pancreas, intestine, bone, skin,
2239	2239	10 or any subpart of those organs.
2240	2240	11 "Organ donor" means a person from whose body an organ is
2241	2241	12 taken to be transferred to the body of another person.
2242	2242	13 "Private employer" means a sole proprietorship,
2243	2243	14 corporation, partnership, limited liability company, or other
2244	2244	15 entity with one or more employees. "Private employer" does not
2245	2245	16 include a municipality, county, State agency, or other public
2246	2246	17 employer.
2247	2247	18 This subsection (j) is exempt from the provisions of
2248	2248	19 Section 250 of this Act.
2249	2249	20 (Source: P.A. 101-1, eff. 2-19-19; 102-669, eff. 11-16-21;
2250	2250	21 102-700, Article 30, Section 30-5, eff. 4-19-22; 102-700,
2251	2251	22 Article 110, Section 110-905, eff. 4-19-22; revised 6-1-22.)
2252	2252	23 Section 99. Effective date. This Act takes effect upon
2253	2253	24 becoming law.
2254	2254
2255	2255
2256	2256
2257	2257
2258	2258
2259	2259	HB1578 - 62 - LRB103 04639 HLH 49647 b