103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1903 Introduced 2/9/2023, by Sen. Chapin Rose SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 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 those expenditures. Provides that the total amount of credits awarded under these 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 awarded for any particular taxpayer in any taxable year shall be $20,000,000. Effective immediately. LRB103 25070 HLH 51405 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1903 Introduced 2/9/2023, by Sen. Chapin Rose SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 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 those expenditures. Provides that the total amount of credits awarded under these 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 awarded for any particular taxpayer in any taxable year shall be $20,000,000. Effective immediately. LRB103 25070 HLH 51405 b LRB103 25070 HLH 51405 b A BILL FOR
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1903 Introduced 2/9/2023, by Sen. Chapin Rose SYNOPSIS AS INTRODUCED:
35 ILCS 5/234 new 35 ILCS 5/234 new
35 ILCS 5/234 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 those expenditures. Provides that the total amount of credits awarded under these 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 awarded for any particular taxpayer in any taxable year shall be $20,000,000. Effective immediately.
LRB103 25070 HLH 51405 b LRB103 25070 HLH 51405 b
LRB103 25070 HLH 51405 b
A BILL FOR
SB1903LRB103 25070 HLH 51405 b SB1903 LRB103 25070 HLH 51405 b
SB1903 LRB103 25070 HLH 51405 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 capital expenditure credit. For
8 taxable years that begin on or after January 1, 2023 and begin
9 prior to January 1, 2034, each taxpayer that is engaged in the
10 business of manufacturing (North American Industry
11 Classification System code 31-33) is entitled to a credit
12 against the taxes imposed by subsections (a) and (b) of
13 Section 201 in an amount equal to 10% of the capital
14 expenditures incurred by the taxpayer during the taxable year
15 that are related to manufacturing. The total amount of credits
16 awarded under this Section may not exceed $10,000,000 for any
17 particular taxpayer in any taxable year. However,
18 notwithstanding any other provision of this Section, if the
19 capital investment is made in a rural or economically
20 challenged area, as determined by the Department of Commerce
21 and Economic Opportunity, then the amount of the credit shall
22 be 15% of the capital expenditure, and the maximum amount
23 awarded under this Section for any particular taxpayer in any
103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 SB1903 Introduced 2/9/2023, by Sen. Chapin Rose SYNOPSIS AS INTRODUCED:
35 ILCS 5/234 new 35 ILCS 5/234 new
35 ILCS 5/234 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 those expenditures. Provides that the total amount of credits awarded under these 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 awarded for any particular taxpayer in any taxable year shall be $20,000,000. Effective immediately.
LRB103 25070 HLH 51405 b LRB103 25070 HLH 51405 b
LRB103 25070 HLH 51405 b
A BILL FOR
35 ILCS 5/234 new
LRB103 25070 HLH 51405 b
SB1903 LRB103 25070 HLH 51405 b
SB1903- 2 -LRB103 25070 HLH 51405 b SB1903 - 2 - LRB103 25070 HLH 51405 b
SB1903 - 2 - LRB103 25070 HLH 51405 b
1 taxable year shall be $20,000,000. A taxpayer may not claim a
2 credit under this Section if the taxpayer claims a credit
3 against the taxes imposed by subsections (a) and (b) of
4 Section 201 for the same capital expenditure under any other
5 provision of law.
6 In no event shall a credit under this Section reduce the
7 taxpayer's liability under this Act to less than zero. The
8 credit may not be carried forward or back.
9 Section 99. Effective date. This Act takes effect upon
10 becoming law.
SB1903 - 2 - LRB103 25070 HLH 51405 b