HB1433 Summary

• Requires applications for EDGE Tax Credits to include an affidavit from the taxpayer's chief executive officer or chief financial officer stating that without the credit, the company would not locate the project in Illinois.

• For agreements entered into after the effective date, taxpayers may only elect to apply the credit against withholding tax liability if the General Assembly authorizes the election, the taxpayer applied for the credit before authorization, and the taxpayer hires new employees in high-poverty or high-unemployment areas or ensures 65% of new employees reside in such areas.

• Requires taxpayers claiming the withholding tax credit to file detailed tax information statements with the Department of Commerce and Economic Opportunity, including base income, apportionment factors, operating loss deductions, and tax credits claimed, verified annually by the Department.

• Allows the Department of Revenue to share taxpayer information with the Department of Commerce and Economic Opportunity to confirm the accuracy of tax information submitted under EDGE credit agreements.

• Requires the Department to post on its website the terms of all EDGE agreements and the tax information provided by taxpayers claiming the withholding tax credit.