SB2974 Summary

• Amends the Economic Development for a Growing Economy (EDGE) Tax Credit Act to add hardware wholesalers as an eligible business category for tax credit benefits.

• Allows taxpayers primarily engaged in hardware wholesale to elect to claim the EDGE credit against their withholding tax liability under Section 704A of the Illinois Income Tax Act instead of against income tax.

• Requires hardware wholesale taxpayers to meet specific criteria: execute or apply for an agreement between January 1, 2012 and June 30, 2012; retain corporate headquarters in Illinois; retain at least 740 full-time jobs in Illinois; and make capital investment of at least $28,000,000 at the project location.

• Election to claim credit against withholding taxes is irrevocable once made and prevents further amendment of the taxpayer's agreement terms with the Department during the agreement period.