John G. Mulroe
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 2% of the basis of certain property used for manufacturing, mining, or retail that is placed in service during the taxable year. Provides for an additional credit equal to 2% of the basis of the qualified property if the taxpayer meets certain employment criteria. Provides that, if the property ceases to be qualified property in the hands of the taxpayer within 48 months after being placed in service, or if the situs of any qualified property is moved outside Illinois within 48 months after being placed in service, then the taxpayer's base income for the taxable year in which the property is moved or ceases to be qualified property shall be increased by the amount of the credit previously awarded to the taxpayer that is attributable to that property. Contains other provisions. Effective immediately.
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Filed with Secretary by Sen. John G. Mulroe
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