Illinois SB1620 introduces a tax credit for manufacturing capital expenditures, offering 10% credit for all manufacturers and 15% for those in rural.
Illinois SB1620 amends the Illinois Income Tax Act to create a tax credit for manufacturing capital expenditures. For taxable years beginning between January 1, 2025, and January 1, 2036, manufacturers can claim a credit equal to 10% of their capital expenditures. If the investment is made in a rural or economically challenged area, the credit increases to 15%. The credit is capped at $10,000,000 per taxpayer per year, except for investments in designated areas, which can receive up to $20,000,000.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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