Illinois SB2106 amends the Economic Development for a Growing Economy Tax Credit Act to allow certain taxpayers in the pharmacy, health, and wellness.
Illinois SB2106 amends the Economic Development for a Growing Economy Tax Credit Act to allow taxpayers primarily engaged in pharmacy, health, and wellness businesses to claim tax credits against withholding taxes. To qualify, these businesses must maintain their corporate headquarters in Illinois, create or retain a certain number of jobs, and make a specified capital investment. The credit can be used against withholding taxes under the Illinois Income Tax Act. The bill specifies criteria for eligibility, including job creation, retention, and capital investment thresholds.
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