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| Public Act 096-0836 |
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AN ACT concerning State government.
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Be it enacted by the People of the State of Illinois,
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represented in the General Assembly:
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Section 5. The Illinois Income Tax Act is amended by adding | ||||
Sections 606 and 807 as follows: | ||||
(35 ILCS 5/606 new) | ||||
Sec. 606. EDGE payment. A payment includes a payment | ||||
provided for in subsection (f) of Section 5-15 of the Economic | ||||
Development for a Growing Economy Tax Credit Act. | ||||
(35 ILCS 5/807 new) | ||||
Sec. 807. EDGE payment. A payment includes a payment | ||||
provided for in subsection (f) of Section 5-15 of the Economic | ||||
Development for a Growing Economy Tax Credit Act. | ||||
Section 10. The Economic Development for a Growing Economy | ||||
Tax Credit Act is amended by changing Section 5-15 as follows:
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(35 ILCS 10/5-15)
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Sec. 5-15. Tax Credit Awards. Subject to the conditions set | ||||
forth in this
Act, a Taxpayer is
entitled to a Credit against | ||||
or, as described in subsection (f) of this Section, a payment | ||||
towards taxes imposed pursuant to subsections (a) and (b)
of | ||||
Section 201 of the Illinois
Income Tax Act that may be imposed | ||
on the Taxpayer for a taxable year beginning
on or
after | ||
January 1, 1999,
if the Taxpayer is awarded a Credit by the | ||
Department under this Act for that
taxable year.
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(a) The Department shall make Credit awards under this Act | ||
to foster job
creation and retention in Illinois.
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(b) A person that proposes a project to create new jobs in | ||
Illinois must
enter into an Agreement with the
Department for | ||
the Credit under this Act.
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(c) The Credit shall be claimed for the taxable years | ||
specified in the
Agreement.
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(d) The Credit shall not exceed the Incremental Income Tax | ||
attributable to
the project that is the subject of the | ||
Agreement.
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(e) Nothing herein shall prohibit a Tax Credit Award to an | ||
Applicant that uses a PEO if all other award criteria are | ||
satisfied.
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(f) A pass-through entity that has been awarded a credit | ||
under this Act, its shareholders, or its partners may treat | ||
some or all of the credit awarded pursuant to this Act as a tax | ||
payment for purposes of the Illinois Income Tax Act. The term | ||
"tax payment" means a payment as described in Article 6 or | ||
Article 8 of the Illinois Income Tax Act or a composite payment | ||
made by a pass-through entity on behalf of any of its | ||
shareholders or partners to satisfy such shareholders' or | ||
partners' taxes imposed pursuant to subsections (a) and (b) of | ||
Section 201 of the Illinois Income Tax Act. In no event shall | ||
the amount of the award credited pursuant to this Act exceed | ||
the Illinois income tax liability of the pass-through entity or | ||
its shareholders or partners for the taxable year. | ||
(Source: P.A. 95-375, eff. 8-23-07.)
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Section 99. Effective date. This Act takes effect upon | ||
becoming law.
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