IL HR0833

Illinois had the highest unemployment rate in the Midwest at 9.8% at the end of 2011, and the state needs to create new jobs and attract capital investment.

Federal tax incentives for capital goods purchases, such as accelerated depreciation schedules and bonus depreciation, have expired or been eliminated as of the end of 2012 and will not be available in 2013 and beyond.

Investment in heavy trucks and transportation equipment creates jobs in manufacturing, truck components, and driving, while enhancing just-in-time delivery capabilities for Illinois businesses.

The House of Representatives urges Congress to enact a comprehensive federal tax incentive program for the purchase and lease of heavy trucks, machinery, capital goods, and infrastructure in 2013 and following years.

The House calls on fellow Great Lakes state legislatures (Indiana, Iowa, Michigan, Minnesota, Missouri, Ohio, and Wisconsin) to join Illinois in urging Congress to prioritize this tax incentive policy.