HB5521 Summary

• Amends the Economic Development for a Growing Economy Tax Credit Act to require taxpayers claiming credits against withholding tax payments to return the entire credit amount to the Department of Commerce and Economic Opportunity if they sell their operations or principal operations in Illinois within 20 years after the agreement expires.

• Reallocates returned credits to the local workforce investment area where the original project was located.

• Exempts sales from the recapture requirement if the taxpayer or the portion of operations located in Illinois is sold at a loss, as defined under 26 U.S.C. § 65.

• Applies only to elections made for calendar years beginning on or after the effective date of this amendatory act of the 102nd General Assembly.