Bill Status of SB 3808   103rd General Assembly

Short Description:  INC TAX-MANUFACTURING

Senate Sponsors
Sen. Paul Faraci

Last Action  View All Actions

DateChamber Action
  5/3/2024SenateRule 3-9(a) / Re-referred to Assignments

Statutes Amended In Order of Appearance
35 ILCS 5/241 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 the manufacturing capital 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 of the credit shall be $20,000,000. Effective immediately.

Actions 
DateChamber Action
  2/9/2024SenateFiled with Secretary by Sen. Paul Faraci
  2/9/2024SenateFirst Reading
  2/9/2024SenateReferred to Assignments
  2/28/2024SenateAssigned to Revenue
  3/15/2024SenateRule 2-10 Committee Deadline Established As April 5, 2024
  4/5/2024SenateRule 2-10 Committee Deadline Established As May 3, 2024
  5/3/2024SenateRule 3-9(a) / Re-referred to Assignments

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