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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. Provides that certain taxpayers may elect to claim the credit awarded under the Act as an offset to the taxpayer's withholding tax liability. Amends the Illinois Income Tax Act to make conforming changes. Provides that the taxpayer may not enter into an agreement with any State agency to receive any other form of financial assistance or incentive from the State during the term of the EDGE Agreement. Effective immediately.
Senate Floor Amendment No. 3 Replaces everything after the enacting clause. Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that taxpayers that primarily engage 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 may elect to claim the EDGE credit as an offset to the taxpayer's withholding tax liability if (a) the taxpayer (i) had an Illinois net loss or an Illinois net loss deduction for the taxable year in which the Credit is awarded, (ii) employed a minimum of 1,000 full-time employees in this State during the taxable year in which the Credit is awarded, and (iii) has an EDGE agreement in effect on the effective date of the amendatory Act and is in compliance with the terms of that agreement; or (b) the taxpayer had an Illinois net loss or an Illinois net loss deduction for the taxable year in which the Credit is awarded, (ii) employed a minimum of 1,000 full-time employees in this State during the taxable year in which the Credit is awarded, and (iii) has applied for an EDGE agreement within 180 days after the effective date of the amendatory Act. Provides that the election is irrevocable. Provides that, if a taxpayer elects to claim the credit as an offset to withholdings under item (a), then, on and after the date of the election, the terms of the EDGE Agreement between the taxpayer and the Department may not be further amended during the term of the Agreement. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.
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