Illinois General Assembly - Bill Status for SB1903

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

Date	Chamber	Action
2/9/2023	Senate	Filed with Secretary by Sen. Chapin Rose
2/9/2023	Senate	First Reading
2/9/2023	Senate	Referred to Assignments
2/21/2023	Senate	Assigned to Revenue
3/10/2023	Senate	Rule 3-9(a) / Re-referred to Assignments

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