HB5315 Summary

• Amends the Economic Development for a Growing Economy (EDGE) Tax Credit Act to create a simplified automatic credit structure for tax years beginning January 1, 2015 and later, eliminating the need for individual agreements and Department of Commerce approval.

• Establishes automatic eligibility for EDGE credits when a taxpayer completes a project with at least $1,000,000 in capital improvements placed in service in Illinois and employs at least 5 new employees.

• Sets credit amount using a formula: Illinois income tax rate multiplied by average wage of jobs created, then multiplied by number of jobs created, as certified by the Department of Commerce and Economic Opportunity.

• Allows unused credits to be carried forward for 5 years following the year earned and limits total annual credit to taxpayer's tax liability under Illinois Income Tax Act.

• Preserves all existing EDGE agreements entered into prior to the bill's effective date and dissolves the Business Investment Committee on January 1, 2015.