Bill Text: IL HB3051 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Provides that the Department of Commerce and Economic Opportunity may enter into credit agreements with eligible manufacturing employers for the purpose of creating manufacturing jobs in the State. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee [HB3051 Detail]

Download: Illinois-2023-HB3051-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3051 Introduced , by Rep. Harry Benton SYNOPSIS AS INTRODUCED:
35 ILCS 5/234 new
Amends the Illinois Income Tax Act. Provides that the Department of Commerce and Economic Opportunity may enter into credit agreements with eligible manufacturing employers for the purpose of creating manufacturing jobs in the State. Effective immediately.
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A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by
adding Section 234 as follows:
(35 ILCS 5/234 new)
Sec. 234. Manufacturing jobs credit.
(a) The Department of Commerce and Economic Opportunity
may enter into credit agreements with eligible manufacturing
employers for the purpose of creating manufacturing jobs in
the State. Credits under this Section shall be available for
taxable years beginning on or after January 1, 2024 and may be
used to offset the taxpayer's liability for the taxes imposed
under subsections (a) and (b) of Section 201. A credit under
this Section may not exceed the incremental income tax
attributable to new and retained employees during the taxable
year.
(b) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero. If the amount of
the credit exceeds the tax liability for the year, the excess
may be carried forward and applied to the tax liability of the
5 taxable years following the excess credit year. The tax
credit shall be applied to the earliest year for which there is

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a tax liability. If there are credits for more than one year
that are available to offset a liability, the earlier credit
shall be applied first.
(c) For partners and shareholders of Subchapter S
corporations, there shall be allowed a credit under this
Section to be determined in accordance with the determination
of income and distributive share of income under Sections 702
and 704 and Subchapter S of the Internal Revenue Code.
(d) As used in this Section, "incremental income tax" has
the meaning given to that term in the Economic Development for
a Growing Economy Tax Credit Act.
(e) This Section is exempt from the provisions of Section
250.
Section 99. Effective date. This Act takes effect upon
becoming law.