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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 HB4864 Introduced 2/7/2024, by Rep. Natalie A. Manley SYNOPSIS AS INTRODUCED: | | | 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. |
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| | A BILL FOR |
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| | HB4864 | | LRB103 36518 HLH 66624 b |
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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 241 as follows: |
6 | | (35 ILCS 5/241 new) |
7 | | Sec. 241. Manufacturing capital expenditure credit. For |
8 | | taxable years that begin on or after January 1, 2024 and begin |
9 | | prior to January 1, 2035, 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, except that, if the |
18 | | capital investment is made in a rural or economically |
19 | | challenged area, as determined by the Department of Commerce |
20 | | and Economic Opportunity, then the amount of the credit shall |
21 | | be 15% of the capital expenditure, and the maximum amount of |
22 | | the credit shall be $20,000,000. A taxpayer may not claim a |
23 | | credit under this Section if the taxpayer claims a credit |