IL SB1620

Creates a 10% income tax credit for manufacturing capital expenditures incurred by businesses classified under NAICS codes 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 designated 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 another tax credit for the same capital expenditure

Credit cannot reduce tax liability below zero and cannot be carried forward or back to other tax years