HB0343 Summary

• Allows applicants awarded an Economic Development for a Growing Economy (EDGE) Tax Credit to elect to retain withheld Illinois income taxes instead of receiving an income tax credit.

• Limits the amount of withheld taxes an applicant can retain in any taxable year to the amount of the Credit awarded by the Department of Commerce and Economic Opportunity for that year.

• Requires employees of employers retaining withheld taxes to receive full credit for 100% of taxes withheld from their pay.

• Mandates the Department file annual reports to the Governor and General Assembly by January 1st each year regarding applicant retention of withheld taxes and the program's progress in advancing economic development.

• Amends the Illinois Income Tax Act to require employers retaining withheld taxes under the EDGE program to report these retained amounts to the Department as specified by rule.