HB5623 amends the Economic Development for a Growing Economy Tax Credit Act to allow certain taxpayers to claim credits against withholding tax.
HB5623 amends the Economic Development for a Growing Economy Tax Credit Act to allow taxpayers primarily engaged in pharmacy, health, and wellness to claim credits against withholding tax liability. Eligible taxpayers must meet specific criteria, such as having a corporate headquarters and distribution centers in Illinois, employing a minimum number of full-time employees, creating or retaining jobs, and making capital investments. The credit can be applied to taxes imposed under the Illinois Income Tax Act and is subject to certain conditions and limitations.
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