IL HB0630

Authorizes the Department of Commerce and Economic Opportunity, in consultation with the Department of Revenue, to adopt rules extending EDGE (Economic Development for a Growing Economy) tax credits that would otherwise expire during a tax year with a statewide COVID-19 public health emergency declared by the Governor covering all counties.

Allows extension of any earned, existing, or unused EDGE tax credits a taxpayer possesses during a tax year where a statewide COVID-19 disaster declaration is in effect covering all Illinois counties.

Adds new rulemaking authority in Section 605-1055 of the Department of Commerce and Economic Opportunity Law to identify and extend expiring EDGE credits during statewide COVID-19 public health emergencies.

Amends Section 211 of the Illinois Income Tax Act to permit credit carryover extensions beyond normal limits when a statewide COVID-19 public health emergency is declared.

Amends Section 5-45 of the Economic Development for a Growing Economy Tax Credit Act to prevent the credit sunset provisions from preventing department rules that extend credits during a statewide COVID-19 public health emergency.