HB4941 Amendment Summary

• Amends the Economic Development for a Growing Economy Tax Credit Act by modifying Section 5-15 to expand eligibility for the withholding tax credit election under subsection (f).

• Adds new subsection (1.8) allowing food product manufacturers to elect to claim tax credits against withholding obligations if they employ at least 300 full-time employees, create 5+ new jobs, invest at least $4,000,000, and demonstrate relocation pressure from other states; election period limited to September 1, 2012 through December 31, 2012.

• Maintains existing eligibility categories for withholding tax credit election, including specialized manufacturers (water treatment, automotive, telecommunications) and tire/inner tube manufacturers with specific job creation and capital investment thresholds.

• Specifies that tax credit elections must be made in the form required by the Illinois Department of Revenue and become irrevocable once made.

• Takes effect upon becoming law.