IL HB0435

Amends the Economic Development for a Growing Economy Tax Credit Act (35 ILCS 10/5-45) to allow credit recipients to request a certificate of transferability for unclaimed credit amounts from the Department of Commerce and Economic Opportunity.

Permits transferability certificates to be transferred or sold by the recipient to another Illinois taxpayer.

Requires transferors and sellers to notify the Department of Revenue within 30 days of any transfer or sale, including details such as credit balances, certificate numbers, tax identification numbers, transfer date, and amount transferred.

Specifies that transferring or selling a credit does not extend the time period in which the credit can be used, with the carry-forward period beginning from the original grant date by the Department.

Establishes that if the transferor lacked rights to claim or use the credit at the time of transfer, the Department of Revenue may disallow the credit or recapture it from the transferee, with the transferee's recourse limited to action against the transferor.