IL SB3535

Creates a manufacturing capital expenditure tax credit for taxpayers engaged in manufacturing (NAICS codes 31-33) for taxable years beginning January 1, 2020 through December 31, 2030.

Provides a 10% credit on manufacturing-related capital expenditures, or 15% if the investment is made in a rural or economically challenged area as determined by the Department of Commerce and Economic Opportunity.

Limits the annual credit to $10,000,000 per taxpayer per year, or $20,000,000 if the capital investment is in a rural or economically challenged area.

Prohibits taxpayers from claiming this credit and any other credit under Section 201 for the same capital expenditure, and prevents the credit from reducing tax liability below zero or carrying forward or backward.

Takes effect immediately upon becoming law.