Illinois General Assembly - Bill Status for SB3808

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

Date	Chamber	Action
2/9/2024	Senate	Filed with Secretary by Sen. Paul Faraci
2/9/2024	Senate	First Reading
2/9/2024	Senate	Referred to Assignments
2/28/2024	Senate	Assigned to Revenue
3/15/2024	Senate	Rule 2-10 Committee Deadline Established As April 5, 2024
4/5/2024	Senate	Rule 2-10 Committee Deadline Established As May 3, 2024

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