The Illinois General Assembly offers the Google Translate™ service for visitor convenience. In no way should it be considered accurate as to the translation of any content herein.
Visitors of the Illinois General Assembly website are encouraged to use other translation services available on the internet.
The English language version is always the official and authoritative version of this website.
NOTE: To return to the original English language version, select the "Show Original" button on the Google Translate™ menu bar at the top of the window.
Synopsis As Introduced Amends the Economic Development for a Growing Economy Tax Credit Act. Makes a technical change in a Section concerning the purpose of the Act.
Replaces everything after the enacting clause. Amends the Economic Development for a Growing Economy Tax Credit Act. Removes provisions requiring that, in order to claim the credit against its withholding tax liability, the taxpayer must (i) be engaged in motor vehicle metal stamping, automobile manufacturing, automobile and light duty motor vehicle manufacturing, motor vehicle manufacturing, light truck and utility vehicle manufacturing, or motor vehicle body manufacturing and (ii) employ a minimum of 1,000 full-time employees in the State during the taxable year in which the credit is awarded. Provides that a taxpayer may elect to claim the credit against its withholding tax liability if the taxpayer had an Illinois net loss or an Illinois net loss deduction for the taxable year in which the credit is awarded and (i) has an Agreement under the Act on the effective date of the amendatory Act and is in compliance with the provisions of that Agreement or (ii) has applied for an Agreement by July 1, 2010 or within 30 days after the effective date of the amendatory Act, whichever is later. Effective immediately.
This site is maintained for the Illinois General Assembly
by the Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706
Contact ILGA Webmaster