Bill Status of SB 1903   103rd General Assembly


Short Description:  INC TAX-MANUFACTURING

Senate Sponsors
Sen. Chapin Rose

Last Action  View All Actions

DateChamber Action
  3/10/2023SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 5/234 new

Synopsis 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 those expenditures. Provides that the total amount of credits awarded under these 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 awarded for any particular taxpayer in any taxable year shall be $20,000,000. Effective immediately.

Actions 
DateChamber Action
  2/9/2023SenateFiled with Secretary by Sen. Chapin Rose
  2/9/2023SenateFirst Reading
  2/9/2023SenateReferred to Assignments
  2/21/2023SenateAssigned to Revenue
  3/10/2023SenateRule 3-9(a) / Re-referred to Assignments

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