IL HB2872

Amends the Economic Development for a Growing Economy (EDGE) Tax Credit Act to allow certain pharmacy, health, and wellness businesses to claim tax credits against withholding tax obligations instead of income tax liability

Qualifying taxpayers must meet all of the following criteria: primarily engaged in pharmacy, health, and wellness business; maintain corporate headquarters in Illinois; operate at least 500 retail locations statewide; employ at least 2,500 full-time or full-time equivalent employees

Eligible businesses must have experienced an Illinois net loss or net loss deduction in the tax year the credit is awarded or within the 2 preceding years, with some employees at risk of termination without the credit

Applications for an Agreement must be submitted within 120 days after the effective date of the legislation

The election to claim credits against withholding taxes, once made, is irrevocable and must follow procedures established by the Illinois Department of Revenue