IL SB0472

Amends the Economic Development for a Growing Economy (EDGE) Tax Credit Act to create a new category of "startup taxpayer" defined as a corporation, partnership, or entity incorporated no more than 5 years before filing an application that has never had Illinois income tax liability

Allows startup taxpayers to elect to claim EDGE credits against withholding tax obligations rather than income tax liability, enabling companies without current tax liability to benefit from the program

The withholding tax election for startup taxpayers automatically terminates when the company begins having Illinois income tax liability, at which point they transition to receiving standard tax credits

Updates the definition of "underserved area" to use American Community Survey data instead of federal decennial census data, and changes the child poverty metric to 35% or more of families with children living below 130% of the poverty line

Exempts startup taxpayers from having Related Member employees counted when determining capital investment requirements ($2.5 million) or job creation thresholds under the EDGE program