HB4327 Summary

• Creates an income tax credit for Illinois-licensed wine manufacturers and craft brewers equal to 50% of qualified costs, capped at $1,500 per taxpayer per year.

• Credit applies to costs for purchasing crops grown and harvested in Illinois used in beer or wine manufacturing, including barley, hops, and grapes.

• Eligible taxpayers must be licensed under the Liquor Control Act of 1934 as a wine manufacturer, Class 1 brewer, or Class 2 brewer.

• Unused credits may be carried forward and applied to tax liability in the 5 following taxable years, applied in chronological order.

• Effective for taxable years ending on or after December 31, 2022, and takes effect upon becoming law.