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| 1 | AN ACT concerning State government.
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| 2 | Be it enacted by the People of the State of Illinois,
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| 3 | represented in the General Assembly:
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| 4 | Section 5. The Illinois Income Tax Act is amended by adding | ||||||
| 5 | Sections 606 and 807 as follows: | ||||||
| 6 | (35 ILCS 5/606 new) | ||||||
| 7 | Sec. 606. EDGE payment. A payment includes a payment | ||||||
| 8 | provided for in subsection (f) of Section 5-15 of the Economic | ||||||
| 9 | Development for a Growing Economy Tax Credit Act. | ||||||
| 10 | (35 ILCS 5/807 new) | ||||||
| 11 | Sec. 807. EDGE payment. A payment includes a payment | ||||||
| 12 | provided for in subsection (f) of Section 5-15 of the Economic | ||||||
| 13 | Development for a Growing Economy Tax Credit Act. | ||||||
| 14 | Section 10. The Economic Development for a Growing Economy | ||||||
| 15 | Tax Credit Act is amended by changing Section 5-15 as follows:
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| 16 | (35 ILCS 10/5-15)
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| 17 | Sec. 5-15. Tax Credit Awards. Subject to the conditions set | ||||||
| 18 | forth in this
Act, a Taxpayer is
entitled to a Credit against | ||||||
| 19 | or, as described in subsection (f) of this Section, a payment | ||||||
| 20 | towards taxes imposed pursuant to subsections (a) and (b)
of | ||||||
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| 1 | Section 201 of the Illinois
Income Tax Act that may be imposed | ||||||
| 2 | on the Taxpayer for a taxable year beginning
on or
after | ||||||
| 3 | January 1, 1999,
if the Taxpayer is awarded a Credit by the | ||||||
| 4 | Department under this Act for that
taxable year.
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| 5 | (a) The Department shall make Credit awards under this Act | ||||||
| 6 | to foster job
creation and retention in Illinois.
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| 7 | (b) A person that proposes a project to create new jobs in | ||||||
| 8 | Illinois must
enter into an Agreement with the
Department for | ||||||
| 9 | the Credit under this Act.
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| 10 | (c) The Credit shall be claimed for the taxable years | ||||||
| 11 | specified in the
Agreement.
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| 12 | (d) The Credit shall not exceed the Incremental Income Tax | ||||||
| 13 | attributable to
the project that is the subject of the | ||||||
| 14 | Agreement.
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| 15 | (e) Nothing herein shall prohibit a Tax Credit Award to an | ||||||
| 16 | Applicant that uses a PEO if all other award criteria are | ||||||
| 17 | satisfied.
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| 18 | (f) A pass-through entity that has been awarded a credit | ||||||
| 19 | under this Act, its shareholders, or its partners may treat | ||||||
| 20 | some or all of the credit awarded pursuant to this Act as a tax | ||||||
| 21 | payment for purposes of the Illinois Income Tax Act. The term | ||||||
| 22 | "tax payment" means a payment as described in Article 6 or | ||||||
| 23 | Article 8 of the Illinois Income Tax Act or a composite payment | ||||||
| 24 | made by a pass-through entity on behalf of any of its | ||||||
| 25 | shareholders or partners to satisfy such shareholders' or | ||||||
| 26 | partners' taxes imposed pursuant to subsections (a) and (b) of | ||||||
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| 1 | Section 201 of the Illinois Income Tax Act. In no event shall | ||||||
| 2 | the amount of the award credited pursuant to this Act exceed | ||||||
| 3 | the Illinois income tax liability of the pass-through entity or | ||||||
| 4 | its shareholders or partners for the taxable year. | ||||||
| 5 | (Source: P.A. 95-375, eff. 8-23-07.)
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| 6 | Section 99. Effective date. This Act takes effect upon | ||||||
| 7 | becoming law.
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