Illinois 2023-2024 Regular Session

Illinois House Bill HB4864 Compare Versions

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

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1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4864 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED: 35 ILCS 5/241 new Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 10% of the manufacturing capital expenditures incurred by the taxpayer during the taxable year or, if the taxpayer is located in a rural or economically challenged area, 15% of the manufacturing capital expenditures. Provides that the total amount of credits awarded under those provisions may not exceed $10,000,000 for any particular taxpayer in any taxable year, except that, if the capital investment is made in a rural or economically challenged area, then the maximum amount of the credit shall be $20,000,000. Effective immediately. LRB103 36518 HLH 66624 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4864 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED: 35 ILCS 5/241 new 35 ILCS 5/241 new Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 10% of the manufacturing capital expenditures incurred by the taxpayer during the taxable year or, if the taxpayer is located in a rural or economically challenged area, 15% of the manufacturing capital expenditures. Provides that the total amount of credits awarded under those provisions may not exceed $10,000,000 for any particular taxpayer in any taxable year, except that, if the capital investment is made in a rural or economically challenged area, then the maximum amount of the credit shall be $20,000,000. Effective immediately. LRB103 36518 HLH 66624 b LRB103 36518 HLH 66624 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4864 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/241 new 35 ILCS 5/241 new
4	4	35 ILCS 5/241 new
5	5	Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 10% of the manufacturing capital expenditures incurred by the taxpayer during the taxable year or, if the taxpayer is located in a rural or economically challenged area, 15% of the manufacturing capital expenditures. Provides that the total amount of credits awarded under those provisions may not exceed $10,000,000 for any particular taxpayer in any taxable year, except that, if the capital investment is made in a rural or economically challenged area, then the maximum amount of the credit shall be $20,000,000. Effective immediately.
6	6	LRB103 36518 HLH 66624 b LRB103 36518 HLH 66624 b
7	7	LRB103 36518 HLH 66624 b
8	8	A BILL FOR
9	9	HB4864LRB103 36518 HLH 66624 b HB4864 LRB103 36518 HLH 66624 b
10	10	HB4864 LRB103 36518 HLH 66624 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 241 as follows:
16	16	6 (35 ILCS 5/241 new)
17	17	7 Sec. 241. Manufacturing capital expenditure credit. For
18	18	8 taxable years that begin on or after January 1, 2024 and begin
19	19	9 prior to January 1, 2035, each taxpayer that is engaged in the
20	20	10 business of manufacturing (North American Industry
21	21	11 Classification System code 31-33) is entitled to a credit
22	22	12 against the taxes imposed by subsections (a) and (b) of
23	23	13 Section 201 in an amount equal to 10% of the capital
24	24	14 expenditures incurred by the taxpayer during the taxable year
25	25	15 that are related to manufacturing. The total amount of credits
26	26	16 awarded under this Section may not exceed $10,000,000 for any
27	27	17 particular taxpayer in any taxable year, except that, if the
28	28	18 capital investment is made in a rural or economically
29	29	19 challenged area, as determined by the Department of Commerce
30	30	20 and Economic Opportunity, then the amount of the credit shall
31	31	21 be 15% of the capital expenditure, and the maximum amount of
32	32	22 the credit shall be $20,000,000. A taxpayer may not claim a
33	33	23 credit under this Section if the taxpayer claims a credit
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB4864 Introduced , by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/241 new 35 ILCS 5/241 new
39	39	35 ILCS 5/241 new
40	40	Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 10% of the manufacturing capital expenditures incurred by the taxpayer during the taxable year or, if the taxpayer is located in a rural or economically challenged area, 15% of the manufacturing capital expenditures. Provides that the total amount of credits awarded under those provisions may not exceed $10,000,000 for any particular taxpayer in any taxable year, except that, if the capital investment is made in a rural or economically challenged area, then the maximum amount of the credit shall be $20,000,000. Effective immediately.
41	41	LRB103 36518 HLH 66624 b LRB103 36518 HLH 66624 b
42	42	LRB103 36518 HLH 66624 b
43	43	A BILL FOR
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49	49	35 ILCS 5/241 new
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68	68	1 against the taxes imposed by subsections (a) and (b) of
69	69	2 Section 201 for the same capital expenditure under any other
70	70	3 provision of law.
71	71	4 In no event shall a credit under this Section reduce the
72	72	5 taxpayer's liability under this Act to less than zero. The
73	73	6 credit may not be carried forward or back.
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