IL SB1877

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

Eligibility requires taxpayers 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 equivalent third-party contractors that would otherwise face termination or relocation outside Illinois

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

Applications for the agreement must be submitted within 90 days after the effective date of this legislation