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IL HB5827
Bill
Status
1/7/2025
Primary Sponsor
Yolanda Morris
Click for details
AI Summary
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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.
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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).
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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.
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Excess credits not used in the current year can be carried forward to the next 5 taxable years, with earlier credits applied first.
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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