IL HB5623

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 their withholding tax liability instead of income tax liability.

Eligible taxpayers must be privately held corporations primarily engaged in pharmacy, health, and wellness with corporate headquarters and distribution centers in Illinois, employing at least 2,500 full-time or equivalent employees at headquarters.

Qualifying businesses must commit to at least $100,000,000 in aggregate investment during the agreement term (including capital, infrastructure, R&D, job training, or lease expenses) and maintain at least 450 retail locations in the state.

The tax credit agreement term cannot exceed 8 years or until credits reach $75,000,000 total, whichever occurs first, with credits applied at 100% of withholding obligations for corporate headquarters employees.

Applicants must have had an Illinois net loss or net loss deduction either in the year the credit is approved or within the 2 preceding taxable years, and must apply within 120 days of the Act's effective date.