HB2632 amends the Illinois Income Tax Act and Prevailing Wage Act to redefine public works and adjust tax credits.
HB2632 amends the Illinois Income Tax Act and Prevailing Wage Act to redefine "public works" to include various construction projects funded by public or private entities. It specifies that certain tax credits are considered public works under the Prevailing Wage Act. The bill also adjusts tax credits for film production services, affordable housing, live theater, and hydrogen fuel replacement projects. It mandates that excess credits can be carried forward for up to five years and outlines rules for transferring tax credits. The changes are effective immediately upon the bill becoming law.
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- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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