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IL HB3051

Bill

Official Source

Status

Failed

1/7/2025

Primary Sponsor

Harry Benton

Click for details

Origin

House of Representatives

103rd General Assembly

AI Summary

  • Amends the Illinois Income Tax Act to create a new manufacturing jobs credit under Section 234.
  • Authorizes the Department of Commerce and Economic Opportunity to enter into credit agreements with eligible manufacturing employers to create manufacturing jobs in Illinois.
  • Credits are available for taxable years beginning January 1, 2024 and may offset income tax liability, with maximum credit amount equal to incremental income tax from new and retained employees.
  • Unused credits exceeding annual tax liability may be carried forward for up to 5 subsequent taxable years, applied to the earliest year with available tax liability.
  • Takes effect immediately upon becoming law.

Legislative Description

INC TX-MANUFACTURING

Last Action

Session Sine Die

1/7/2025

Committee Referrals

Rules3/10/2023
Revenue: Income Tax3/9/2023
Revenue & Finance2/28/2023
Rules2/17/2023

Full Bill Text

No bill text available