IL SB1532

Creates an income tax credit for Illinois-licensed wine manufacturers and craft brewers equal to 50% of qualified costs incurred during the taxable year, with a maximum credit of $1,500 per taxpayer.

Qualified costs are limited to purchases of crops grown and harvested in Illinois used in beer or wine manufacturing, including barley, hops, and grapes.

Eligible taxpayers must own or operate a licensed Illinois-based wine manufacturing business or licensed Class 1 or Class 2 craft brewery.

Excess credits that exceed tax liability in a year may be carried forward and applied to tax liability for up to 5 following years, with earlier credits applied first.

Effective for taxable years ending on or after December 31, 2023, with the Department of Revenue required to adopt implementing rules.