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IL HB5827

Bill

Status

Failed

1/7/2025

Primary Sponsor

Yolanda Morris

Click for details

Origin

House of Representatives

103rd General Assembly

AI Summary

  • Adds a new income tax credit for taxable years beginning January 1, 2025 equal to 5% of a taxpayer's investment in qualified tangible personal property used in construction or operation of a data center.

  • Credit applies to data centers located in qualified areas (opportunity zones, R3 communities, or Disproportionately Impacted Areas) or developed by qualified business enterprises (minority-owned, women-owned, or businesses owned by persons with disabilities).

  • Credit is available for 5 taxable years after the property is placed in service and may be transferred according to Department of Commerce and Economic Opportunity rules.

  • Excess credits not used in the current year can be carried forward to the next 5 taxable years, with earlier credits applied first.

  • Maintains existing 20% wage credit for construction workers employed by certified data centers in areas meeting poverty, school lunch participation, SNAP assistance, or unemployment criteria.

Legislative Description

INC TX-DATA CENTERS

Last Action

Session Sine Die

1/7/2025

Committee Referrals

Rules4/30/2024

Full Bill Text

No bill text available