Illinois HB2632 amends tax credit rules to classify certain transferred tax credits as public works under the Prevailing Wage Act.
Illinois HB2632 modifies the Illinois Income Tax Act and the Prevailing Wage Act to redefine "public works" to include projects funded by transferred tax credits. Specifically, the bill states that tax credits transferred under certain sections are considered public works, thereby subjecting them to prevailing wage requirements. This applies to credits related to film production services, affordable housing projects, live theater productions, hospital ownership, and hydrogen fuel replacement.
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