SB1835

Illinois SB1835 introduces a tax credit for manufacturing capital expenditures, up to $10 million annually, or $20 million if in a rural or.

Illinois SB1835 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, taxpayers engaged in manufacturing can claim a credit equal to 10% of their capital expenditures. If the investment is in a rural or economically challenged area, the credit increases to 15%. The credit cannot reduce the taxpayer's liability below zero and cannot be carried forward or back. The maximum credit per taxpayer per year is $10 million, or $20 million if in a designated area.