IL HB0659

Creates a manufacturing capital expenditure income tax credit for taxable years beginning January 1, 2021 through December 31, 2030 for businesses classified under North American Industry Classification System codes 31-33.

Provides a credit equal to 10% of manufacturing-related capital expenditures incurred during the taxable year, with a maximum annual credit of $10,000,000 per taxpayer.

Increases the credit to 15% of capital expenditures with a maximum annual credit of $20,000,000 if the investment is located in a rural or economically challenged area as determined by the Department of Commerce and Economic Opportunity.

Prohibits taxpayers from claiming this credit if they claim any other credit under state law for the same capital expenditure, and credits cannot reduce tax liability below zero or be carried forward or backward.

Takes effect immediately upon becoming law.