IL HB3236

Creates a 10% income tax credit for manufacturing capital expenditures incurred by businesses classified under NAICS code 31-33, with a maximum credit of $10,000,000 per taxpayer per year

Increases the credit to 15% with a $20,000,000 maximum for capital investments made in rural or economically challenged areas, as determined by the Department of Commerce and Economic Opportunity

Applies to taxable years beginning on or after January 1, 2025 and before January 1, 2036

Prohibits taxpayers from claiming this credit if they claim a credit for the same capital expenditure under any other provision of law

Credit cannot reduce tax liability below zero and may not be carried forward or back