SB1877 amends the Economic Development for a Growing Economy Tax Credit Act to allow certain steel manufacturers to claim tax credits against.
SB1877 amends the Economic Development for a Growing Economy Tax Credit Act to allow taxpayers engaged in the recycling and melting of steel products and in the manufacturing of new steel wire and rod products to elect to claim the credit against their withholding tax liability. The bill specifies criteria for eligibility, including employment levels, job creation, capital investment, and relocation of corporate headquarters. The election is irrevocable and the credit cannot exceed the Illinois income tax liability of the taxpayer. The bill takes effect immediately upon becoming law.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.