IL SB1903

Creates a manufacturing capital expenditure income tax credit equal to 10% of capital expenditures for manufacturers (NAICS codes 31-33) during taxable years beginning January 1, 2023 through December 31, 2033.

Increases credit to 15% of capital expenditures for investments made in rural or economically challenged areas as determined by the Department of Commerce and Economic Opportunity.

Caps annual credit at $10,000,000 per taxpayer, or $20,000,000 per taxpayer if the investment is in a rural or economically challenged area.

Prohibits taxpayers from claiming this credit for the same capital expenditure under any other provision of law, and prevents credits from reducing tax liability below zero or being carried forward or backward.