HB0345 Summary

• Creates a 100% deduction for corporations on Illinois net income earned through manufacturing processes, as defined in Section 2-45 of the Retailers' Occupation Tax Act.

• The manufacturing deduction is permanent and exempt from the automatic sunset provision that typically applies to other tax modifications under Illinois tax law.

• Applies to corporate taxpayers' Illinois net income calculated without regard to this deduction provision.

• Takes effect immediately upon becoming law.