Illinois HB1892 creates a tax credit for interactive digital media companies based on production spending and labor expenditures.
HB1892, known as the Interactive Digital Media Tax Credit Act, provides a tax credit for interactive digital media companies that meet specific criteria. Companies can claim a credit equal to 30% of their Illinois production spending and 30% of their Illinois labor expenditures. The credit can be transferred once to another company and is subject to a sunset date of January 1, 2041. The credit applies to tax years beginning between January 1, 2026, and January 1, 2036. The Department of Commerce and Economic Opportunity issues tax credit certificates to qualified companies.
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