Public Act 096-0836
 		





HB2414 Enrolled
LRB096 03723 JAM 13752 b






    AN ACT concerning State government.

 
    Be it enacted by the People of the State of Illinois,
 
represented in the General Assembly:





 
    Section 5. The Illinois Income Tax Act is amended  by adding 
Sections 606 and 807 as follows:
 
    (35 ILCS 5/606  new)
    Sec. 606. EDGE payment.  A payment includes a payment 
provided for in subsection (f) of Section 5-15 of the Economic 
Development for a Growing Economy Tax Credit Act.
 
    (35 ILCS 5/807  new)
    Sec. 807. EDGE payment.  A payment includes a payment 
provided for in subsection (f) of Section 5-15 of the Economic 
Development for a Growing Economy Tax Credit Act.
 
    Section 10. The Economic Development for a Growing Economy 
Tax Credit Act is amended  by changing Section 5-15 as follows:
 



    (35 ILCS 10/5-15)



    Sec. 5-15. Tax Credit Awards. Subject to the conditions set 
forth in this
Act, a Taxpayer is
entitled to a Credit against 
or, as described in subsection (f) of this Section, a payment 
towards taxes imposed pursuant to subsections (a) and (b)
of 
Section 201 of the Illinois
Income Tax Act that may be imposed 
on the Taxpayer for a taxable year beginning
on or
after 
January 1, 1999,
if the Taxpayer is awarded a Credit by the 
Department under this Act for that
taxable year.

    (a) The Department shall make Credit awards under this Act 
to foster job
creation and retention in Illinois.

    (b) A person that proposes a project to create new jobs in 
Illinois must
enter into an Agreement with the
Department for 
the Credit under this Act.

    (c) The Credit shall be claimed for the taxable years 
specified in the
Agreement.

    (d) The Credit shall not exceed the Incremental Income Tax 
attributable to
the project that is the subject of the 
Agreement.

    (e) Nothing herein shall prohibit a Tax Credit Award to an 
Applicant that uses a PEO if all other award criteria are 
satisfied.

    (f)  A pass-through entity that has been awarded a credit 
under this Act, its shareholders, or its partners may treat 
some or all of the credit awarded pursuant to this Act as a tax 
payment for purposes of the Illinois Income Tax Act. The term 
"tax payment" means a payment as described in Article 6 or 
Article 8 of the Illinois Income Tax Act or a composite payment 
made by a pass-through entity on behalf of any of its 
shareholders or partners to satisfy such shareholders' or 
partners' taxes imposed pursuant to subsections (a) and (b) of 
Section 201 of the Illinois Income Tax Act. In no event shall 
the amount of the award credited pursuant to this Act exceed 
the Illinois income tax liability of the pass-through entity or 
its shareholders or partners for the taxable year. 
(Source: P.A. 95-375, eff. 8-23-07.)

 

    Section 99. Effective date. This Act takes effect upon 
becoming law.