HB3236

Illinois HB3236 creates a tax credit for manufacturing capital expenditures, offering 10% credit for all manufacturers and 15% for those in rural or.

Illinois HB3236 amends the Illinois Income Tax Act to establish a tax credit for manufacturing capital expenditures. Manufacturers can claim a credit equal to 10% of their expenditures, with a maximum credit of $10,000,000 per taxpayer per year. For manufacturers in rural or economically challenged areas, the credit increases to 15% with a higher cap of $20,000,000. The credit cannot reduce a taxpayer's liability below zero and is not transferable. The credit applies to taxable years beginning between January 1, 2025, and January 1, 2036.