103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB3051
 
Introduced 2/17/2023, 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
 

  
HB3051LRB103 30531 HLH 56964 b


  
1    AN ACT concerning revenue.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Income Tax Act is amended  by 
5adding 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 
9may enter into credit agreements with eligible manufacturing 
10employers for the purpose of creating manufacturing jobs in 
11the State. Credits under this Section shall be available for 
12taxable years beginning on or after January 1, 2024 and may be 
13used to offset the taxpayer's liability for the taxes imposed 
14under subsections (a) and (b) of Section 201. A credit under 
15this Section may not exceed the incremental income tax 
16attributable to new and retained employees during the taxable 
17year. 
18    (b) In no event shall a credit under this Section reduce 
19the taxpayer's liability to less than zero. If the amount of 
20the credit exceeds the tax liability for the year, the excess 
21may be carried forward and applied to the tax liability of the 
225 taxable years following the excess credit year. The tax 
23credit shall be applied to the earliest year for which there is 
 
 
HB3051- 2 -LRB103 30531 HLH 56964 b

1a tax liability. If there are credits for more than one year 
2that are available to offset a liability, the earlier credit 
3shall be applied first. 
4    (c) For partners and shareholders of Subchapter S


5corporations, there shall be allowed a credit under this 
6Section to be determined in accordance with the determination 
7of income and distributive share of income under Sections 702 
8and 704 and Subchapter S of the Internal Revenue Code. 
9    (d) As used in this Section, "incremental income tax" has 
10the meaning given to that term in the Economic Development for 
11a Growing Economy Tax Credit Act. 
12    (e) This Section is exempt from the provisions of Section 
13250. 
 
 
14    Section 99. Effective date. This Act takes effect upon 
15becoming law.