IL HB2811

Amends the Economic Development for a Growing Economy (EDGE) Tax Credit Act to allow certain steel manufacturers to claim tax credits against their withholding tax liability instead of income tax liability

Eligible taxpayers must be primarily engaged in recycling and melting steel products and manufacturing new steel wire and rod products

Qualifying companies must retain at least 700 full-time jobs or full-time equivalent third-party contractors that would have been at risk of termination or relocation outside Illinois

Recipients must relocate corporate headquarters to Illinois from another state and make a capital investment of at least $50,000,000 during the term of the agreement

Companies must apply for an agreement within 90 days after the effective date of the Act; the bill takes effect immediately upon becoming law