IL HB5798

Allows applicants awarded credits under the Economic Development for a Growing Economy Tax Credit Act to elect to retain employee income tax withholdings instead of receiving an income tax credit.

Caps the amount of withheld taxes an applicant may retain in any taxable year at the amount of the credit awarded by the Department of Commerce and Economic Opportunity for that year.

Requires employees whose taxes are retained by their employer to receive full credit for 100% of the taxes withheld from their pay.

Mandates the Department file annual reports with the Governor and General Assembly by January 1 each year detailing applicants' retention of withheld taxes and the economic development impact of this assistance program.

Takes effect immediately upon becoming law.