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IL SB3692
Bill
Status
Introduced
2/5/2026
Primary Sponsor
David Koehler
Click for details
AI Summary
- Amends the Economic Development for a Growing Economy (EDGE) Tax Credit Act to increase the credit against withholding to 100% for qualifying steel industry taxpayers
- Qualifying taxpayers must be primarily engaged in recycling and melting steel products and manufacturing new steel wire and rod products
- Eligibility requirements include retaining at least 700 full-time jobs at risk of termination or relocation outside Illinois
- Qualifying companies must relocate their corporate headquarters to Illinois from another state and invest at least $40,000,000 in capital within 4 years of the agreement
- Applications must be submitted within 90 days of the bill's effective date, with credit duration capped at 15 taxable years
Legislative Description
EDGE-AMOUNT OF CREDIT
Last Action
Rule 2-10 Committee Deadline Established As April 24, 2026
3/13/2026
Committee Referrals
Revenue2/17/2026
Assignments2/5/2026
Full Bill Text
No bill text available