HB5888 - Interactive Digital Media Tax Credit Act

• Creates an income tax credit for interactive digital media companies producing computer games, video games, simulations, animations, or Internet/wireless content in Illinois with minimum annual spending of $100,000.

• Credits equal 30% of approved Illinois labor expenditures and production spending, plus an additional 5% if the company operates in high-poverty or high-unemployment areas.

• Limits individual employee wage credits to $100,000 per year and only applies to new employees hired after January 1, 2015, exceeding the company's 2011-2013 baseline workforce.

• Allows credit transfer to up to 4 other taxpayers and permits 5-year carryforward of unused credits; transfers expire 5 years after credit award.

• Requires Department of Commerce and Economic Opportunity to submit an economic impact report to the General Assembly by July 1, 2019; the entire act repeals July 1, 2020.