Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that an applicant who has been awarded a Credit under the Act may, in the applicant's sole discretion, opt to retain taxes withheld under the Illinois Income Tax Act in lieu of an income tax credit. Provides that the amount of withheld taxes retained by the applicant in a taxable year may not exceed the amount of the Credit awarded by the Department of Commerce and Economic Opportunity for that taxable year. Provides that each employee whose taxes were withheld by an employer who retains amounts under this subsection must receive credit for 100% of the taxes withheld from his or her pay. Requires the Department to report annually to the Governor and the General Assembly on the progress of the incentive payment program. Amends the Illinois Income Tax Act to make corresponding changes concerning tax withholding. Effective immediately.
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Session Sine Die
Added Co-Sponsor Rep. David Harris
Added Chief Co-Sponsor Rep. Paul Evans
Added Chief Co-Sponsor Rep. Sidney H. Mathias
Added Co-Sponsor Rep. Mike Bost
Chief Co-Sponsor Changed to Rep. Sidney H. Mathias
Added Chief Co-Sponsor Rep. Jil Tracy
Added Chief Co-Sponsor Rep. Darlene J. Senger
Filed with the Clerk by Rep. Dwight Kay
Referred to Rules Committee
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