Synopsis As Introduced Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that the recipient of a credit under the Act may apply for a certificate of transferability of credit from the Department of Commerce and Economic Opportunity for the amount of the credit not previously claimed. Provides that the transferability certificate may be transferred or sold by the recipient to another Illinois taxpayer. Makes other changes.
Fiscal Note (Dept. of Revenue)
The Illinois Department of Revenue estimates that the existing EDGE credit program costs between $24 million and $47 million annually. The program changes set forth in HB 4861 would increase that cost by between $11 million and $34 million annually.