HB2414 Enrolled LRB096 03723 JAM 13752 b

1     AN ACT concerning State government.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Income Tax Act is amended by adding
5 Sections 606 and 807 as follows:
 
6     (35 ILCS 5/606 new)
7     Sec. 606. EDGE payment. A payment includes a payment
8 provided for in subsection (f) of Section 5-15 of the Economic
9 Development for a Growing Economy Tax Credit Act.
 
10     (35 ILCS 5/807 new)
11     Sec. 807. EDGE payment. A payment includes a payment
12 provided for in subsection (f) of Section 5-15 of the Economic
13 Development for a Growing Economy Tax Credit Act.
 
14     Section 10. The Economic Development for a Growing Economy
15 Tax Credit Act is amended by changing Section 5-15 as follows:
 
16     (35 ILCS 10/5-15)
17     Sec. 5-15. Tax Credit Awards. Subject to the conditions set
18 forth in this Act, a Taxpayer is entitled to a Credit against
19 or, as described in subsection (f) of this Section, a payment
20 towards taxes imposed pursuant to subsections (a) and (b) of

 

 

HB2414 Enrolled - 2 - LRB096 03723 JAM 13752 b

1 Section 201 of the Illinois Income Tax Act that may be imposed
2 on the Taxpayer for a taxable year beginning on or after
3 January 1, 1999, if the Taxpayer is awarded a Credit by the
4 Department under this Act for that taxable year.
5     (a) The Department shall make Credit awards under this Act
6 to foster job creation and retention in Illinois.
7     (b) A person that proposes a project to create new jobs in
8 Illinois must enter into an Agreement with the Department for
9 the Credit under this Act.
10     (c) The Credit shall be claimed for the taxable years
11 specified in the Agreement.
12     (d) The Credit shall not exceed the Incremental Income Tax
13 attributable to the project that is the subject of the
14 Agreement.
15     (e) Nothing herein shall prohibit a Tax Credit Award to an
16 Applicant that uses a PEO if all other award criteria are
17 satisfied.
18     (f) A pass-through entity that has been awarded a credit
19 under this Act, its shareholders, or its partners may treat
20 some or all of the credit awarded pursuant to this Act as a tax
21 payment for purposes of the Illinois Income Tax Act. The term
22 "tax payment" means a payment as described in Article 6 or
23 Article 8 of the Illinois Income Tax Act or a composite payment
24 made by a pass-through entity on behalf of any of its
25 shareholders or partners to satisfy such shareholders' or
26 partners' taxes imposed pursuant to subsections (a) and (b) of

 

 

HB2414 Enrolled - 3 - LRB096 03723 JAM 13752 b

1 Section 201 of the Illinois Income Tax Act. In no event shall
2 the amount of the award credited pursuant to this Act exceed
3 the Illinois income tax liability of the pass-through entity or
4 its shareholders or partners for the taxable year.
5 (Source: P.A. 95-375, eff. 8-23-07.)
 
6     Section 99. Effective date. This Act takes effect upon
7 becoming law.