Illinois General Assembly - Bill Status for SB2261
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 Bill Status of SB2261  102nd General Assembly


Short Description:  INC TAX-MANUFACTURING

Senate Sponsors
Sen. Chapin Rose and Scott M. Bennett

Last Action
DateChamber Action
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 5/232 new


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 15% of the manufacturing capital expenditures if the taxpayer is located in a rural or economically challenged area. 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.

Actions 
DateChamber Action
  2/26/2021SenateFiled with Secretary by Sen. Chapin Rose
  2/26/2021SenateFirst Reading
  2/26/2021SenateReferred to Assignments
  3/4/2021SenateAdded as Co-Sponsor Sen. Scott M. Bennett
  3/23/2021SenateAssigned to Revenue
  4/16/2021SenateRule 3-9(a) / Re-referred to Assignments

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