Illinois HB2811 amends the Economic Development for a Growing Economy Tax Credit Act to allow certain taxpayers to claim credits against withholding.
HB2811 amends the Economic Development for a Growing Economy Tax Credit Act to allow taxpayers engaged in recycling and melting of steel products and manufacturing of new steel wire and rod products to claim credits against withholding tax liability. The bill specifies that the credit can be claimed against withholding tax liability instead of income tax liability for certain taxpayers. The credit is subject to conditions, including job creation, retention, and capital investment criteria. The election to claim the credit against withholding tax liability is irrevocable once made.
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