Illinois 2023-2024 Regular Session

Illinois House Bill HB3051 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 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
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3051 Introduced , by Rep. Harry Benton SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/234 new 35 ILCS 5/234 new
4	4	35 ILCS 5/234 new
5	5	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.
6	6	LRB103 30531 HLH 56964 b LRB103 30531 HLH 56964 b
7	7	LRB103 30531 HLH 56964 b
8	8	A BILL FOR
9	9	HB3051LRB103 30531 HLH 56964 b HB3051 LRB103 30531 HLH 56964 b
10	10	HB3051 LRB103 30531 HLH 56964 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 adding Section 234 as follows:
16	16	6 (35 ILCS 5/234 new)
17	17	7 Sec. 234. Manufacturing jobs credit.
18	18	8 (a) The Department of Commerce and Economic Opportunity
19	19	9 may enter into credit agreements with eligible manufacturing
20	20	10 employers for the purpose of creating manufacturing jobs in
21	21	11 the State. Credits under this Section shall be available for
22	22	12 taxable years beginning on or after January 1, 2024 and may be
23	23	13 used to offset the taxpayer's liability for the taxes imposed
24	24	14 under subsections (a) and (b) of Section 201. A credit under
25	25	15 this Section may not exceed the incremental income tax
26	26	16 attributable to new and retained employees during the taxable
27	27	17 year.
28	28	18 (b) In no event shall a credit under this Section reduce
29	29	19 the taxpayer's liability to less than zero. If the amount of
30	30	20 the credit exceeds the tax liability for the year, the excess
31	31	21 may be carried forward and applied to the tax liability of the
32	32	22 5 taxable years following the excess credit year. The tax
33	33	23 credit shall be applied to the earliest year for which there is
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3051 Introduced , by Rep. Harry Benton SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/234 new 35 ILCS 5/234 new
39	39	35 ILCS 5/234 new
40	40	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.
41	41	LRB103 30531 HLH 56964 b LRB103 30531 HLH 56964 b
42	42	LRB103 30531 HLH 56964 b
43	43	A BILL FOR
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49	49	35 ILCS 5/234 new
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66	66	HB3051- 2 -LRB103 30531 HLH 56964 b HB3051 - 2 - LRB103 30531 HLH 56964 b
67	67	HB3051 - 2 - LRB103 30531 HLH 56964 b
68	68	1 a tax liability. If there are credits for more than one year
69	69	2 that are available to offset a liability, the earlier credit
70	70	3 shall be applied first.
71	71	4 (c) For partners and shareholders of Subchapter S
72	72	5 corporations, there shall be allowed a credit under this
73	73	6 Section to be determined in accordance with the determination
74	74	7 of income and distributive share of income under Sections 702
75	75	8 and 704 and Subchapter S of the Internal Revenue Code.
76	76	9 (d) As used in this Section, "incremental income tax" has
77	77	10 the meaning given to that term in the Economic Development for
78	78	11 a Growing Economy Tax Credit Act.
79	79	12 (e) This Section is exempt from the provisions of Section
80	80	13 250.
81	81	14 Section 99. Effective date. This Act takes effect upon
82	82	15 becoming law.
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88	88	HB3051 - 2 - LRB103 30531 HLH 56964 b