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35 ILCS 5/241 (35 ILCS 5/241) (Text of Section from P.A. 103-592, Article 52, Section 52-5) Sec. 241. Music and Musicians Tax Credits and Jobs Act. Taxpayers who have been awarded a credit under the Music and Musicians Tax Credits and Jobs Act are entitled to a credit against the taxes imposed by subsections (a) and (b) of Section 201 of this Act in an amount determined by the Department of Commerce and Economic Opportunity under that Act. The credit shall be claimed in the taxable year in which the tax credit award certificate is issued, and the certificate shall be attached to the return. If the taxpayer is a partnership or Subchapter S corporation, the credit shall be allowed to the partners or shareholders in accordance with the provisions of Section 251. The credit may not reduce the taxpayer's liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The credit shall be applied to the earliest year for which there is a tax liability. If there are credits from more than one tax year that are available to offset a liability, the earlier credit shall be applied first. (Source: P.A. 103-592, Article 52, Section 52-5, eff. 6-7-24.) (Text of Section from P.A. 103-592, Article 170, Section 170-90) Sec. 241. The Illinois Gives tax credit. (a) For taxable years ending on or after December 31, 2025 and ending before January 1, 2030, each taxpayer for whom a tax credit has been authorized by the Department of Revenue under the Illinois Gives Tax Credit Act is entitled to a credit against the tax imposed under subsections (a) and (b) of Section 201 in an amount equal to the amount authorized under that Act. (b) For partners of partnerships and shareholders of Subchapter S corporations, there is allowed a credit under this Section to be determined in accordance with Section 251 of this Act. (c) The credit may not be carried back and may not reduce the taxpayer's liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset a liability, the earlier credit shall be applied first.(Source: P.A. 103-592, Article 170, Section 170-90, eff. 6-7-24.) (Text of Section from P.A. 103-595) Sec. 241. Credit for quantum computing campuses. (a) A taxpayer who has been awarded a credit by the Department of Commerce and Economic Opportunity under Section 605-115 of the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois is entitled to a credit against the taxes imposed under subsections (a) and (b) of Section 201 of this Act. The amount of the credit shall be 20% of the wages paid by the taxpayer during the taxable year to a full-time or part-time employee of a construction contractor employed in the construction of an eligible facility located on a quantum computing campus designated under Section 605-115 of the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. (b) In no event shall a credit under this Section reduce the taxpayer's liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset a liability, the earlier credit shall be applied first. (c) A person claiming the credit allowed under this Section shall attach to its Illinois income tax return for the taxable year for which the credit is allowed a copy of the tax credit certificate issued by the Department of Commerce and Economic Opportunity. (d) Partners and shareholders of Subchapter S corporations are entitled to a credit under this Section as provided in Section 251. (e) As used in this Section, "eligible facility" means a building used primarily to house one or more of the following: a quantum computer operator; a research facility; a data center; a manufacturer and assembler of quantum computers and component parts; a cryogenic or refrigeration facility; or any other facility determined, by industry and academic leaders, to be fundamental to the research and development of quantum computing for practical solutions. (f) This Section is exempt from the provisions of Section 250.
(Source: P.A. 103-595, eff. 6-26-24.) |
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