IL SB3934

Amends the Economic Development for a Growing Economy (EDGE) Tax Credit Act to allow certain pharmacy, health, and wellness companies to claim tax credits against their withholding tax liability rather than income tax liability.

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

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

Tax credit agreement limited to 8 years maximum or until credits reach $75,000,000 total, whichever occurs first, with credits applied solely against withholding obligations for corporate headquarters employees.

Applicants must have had an Illinois net loss or net loss deduction within the current or previous 2 taxable years and must apply within 120 days of the Act's effective date.