INC TAX-MANUFACTURING

Session: 103rd General Assembly
Year: 2024
Bill #: HB4864
Category: Economic Development
Position: No position
Mandate?
Revenue Loss? Yes
Authority Preemption?

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Summary as Introduced

Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 10% of the manufacturing capital expenditures incurred by the taxpayer during the taxable year or, if the taxpayer is located in a rural or economically challenged area, 15% of the manufacturing capital expenditures. Provides that the total amount of credits awarded under those provisions may not exceed $10,000,000 for any particular taxpayer in any taxable year, except that, if the capital investment is made in a rural or economically challenged area, then the maximum amount of the credit shall be $20,000,000. Effective immediately.



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