103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3051 Introduced , by Rep. Harry Benton SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Provides that the Department of Commerce and Economic Opportunity may enter into credit agreements with eligible manufacturing employers for the purpose of creating manufacturing jobs in the State. Effective immediately. LRB103 30531 HLH 56964 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3051 Introduced , by Rep. Harry Benton SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Provides that the Department of Commerce and Economic Opportunity may enter into credit agreements with eligible manufacturing employers for the purpose of creating manufacturing jobs in the State. Effective immediately. LRB103 30531 HLH 56964 b LRB103 30531 HLH 56964 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3051 Introduced , by Rep. Harry Benton SYNOPSIS AS INTRODUCED:
35 ILCS 5/234 new 35 ILCS 5/234 new
35 ILCS 5/234 new
Amends the Illinois Income Tax Act. Provides that the Department of Commerce and Economic Opportunity may enter into credit agreements with eligible manufacturing employers for the purpose of creating manufacturing jobs in the State. Effective immediately.
LRB103 30531 HLH 56964 b LRB103 30531 HLH 56964 b
LRB103 30531 HLH 56964 b
A BILL FOR
HB3051LRB103 30531 HLH 56964 b HB3051 LRB103 30531 HLH 56964 b
HB3051 LRB103 30531 HLH 56964 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Income Tax Act is amended by
5 adding Section 234 as follows:
6 (35 ILCS 5/234 new)
7 Sec. 234. Manufacturing jobs credit.
8 (a) The Department of Commerce and Economic Opportunity
9 may enter into credit agreements with eligible manufacturing
10 employers for the purpose of creating manufacturing jobs in
11 the State. Credits under this Section shall be available for
12 taxable years beginning on or after January 1, 2024 and may be
13 used to offset the taxpayer's liability for the taxes imposed
14 under subsections (a) and (b) of Section 201. A credit under
15 this Section may not exceed the incremental income tax
16 attributable to new and retained employees during the taxable
17 year.
18 (b) In no event shall a credit under this Section reduce
19 the taxpayer's liability to less than zero. If the amount of
20 the credit exceeds the tax liability for the year, the excess
21 may be carried forward and applied to the tax liability of the
22 5 taxable years following the excess credit year. The tax
23 credit shall be applied to the earliest year for which there is
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3051 Introduced , by Rep. Harry Benton SYNOPSIS AS INTRODUCED:
35 ILCS 5/234 new 35 ILCS 5/234 new
35 ILCS 5/234 new
Amends the Illinois Income Tax Act. Provides that the Department of Commerce and Economic Opportunity may enter into credit agreements with eligible manufacturing employers for the purpose of creating manufacturing jobs in the State. Effective immediately.
LRB103 30531 HLH 56964 b LRB103 30531 HLH 56964 b
LRB103 30531 HLH 56964 b
A BILL FOR
35 ILCS 5/234 new
LRB103 30531 HLH 56964 b
HB3051 LRB103 30531 HLH 56964 b
HB3051- 2 -LRB103 30531 HLH 56964 b HB3051 - 2 - LRB103 30531 HLH 56964 b
HB3051 - 2 - LRB103 30531 HLH 56964 b
1 a tax liability. If there are credits for more than one year
2 that are available to offset a liability, the earlier credit
3 shall be applied first.
4 (c) For partners and shareholders of Subchapter S
5 corporations, there shall be allowed a credit under this
6 Section to be determined in accordance with the determination
7 of income and distributive share of income under Sections 702
8 and 704 and Subchapter S of the Internal Revenue Code.
9 (d) As used in this Section, "incremental income tax" has
10 the meaning given to that term in the Economic Development for
11 a Growing Economy Tax Credit Act.
12 (e) This Section is exempt from the provisions of Section
13 250.
14 Section 99. Effective date. This Act takes effect upon
15 becoming law.
HB3051 - 2 - LRB103 30531 HLH 56964 b