Illinois General Assembly - Illinois Compiled Statutes

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35 ILCS 10/5-45

(35 ILCS 10/5-45)

Sec. 5-45. Amount and duration of the credit.

(a) The Department shall
determine the amount and
duration of the credit awarded under this Act. The duration of the
credit may not exceed 10 taxable years.
The credit may be stated as
a percentage of the Incremental Income Tax attributable
to the applicant's project and may include a fixed dollar limitation.

(b) Notwithstanding subsection (a),
and except as the credit may be applied in a carryover year pursuant to Section
211(4) of the Illinois Income Tax Act, the credit may be applied against the
State income tax liability in more than 10 taxable years but not in more than
15 taxable years for an eligible business
that (i) qualifies under this Act
and the Corporate Headquarters Relocation Act and has in fact undertaken a
qualifying project within the time frame specified by the Department of
Commerce and Economic Opportunity under that Act, and (ii) applies against its
State income tax liability, during the entire 15-year
period, no more than 60% of the maximum
credit per year that would otherwise be available under this Act.

(c) Nothing in this Section shall prevent the Department, in consultation with the Department of Revenue, from adopting rules to extend the sunset of any earned, existing, and unused tax credit or credits a taxpayer may be in possession of, as provided for in Section 605-1070 of the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois, notwithstanding the carry-forward provisions pursuant to paragraph (4) of Section 211 of the Illinois Income Tax Act.

(Source: P.A. 102-16, eff. 6-17-21; 102-813, eff. 5-13-22.)