SB3539

Illinois SB3539 creates a tax credit for manufacturing capital expenditures, offering 10% for all manufacturers and 15% for those in rural or.

Illinois SB3539 amends the Illinois Income Tax Act by introducing a new tax credit for manufacturing capital expenditures. For manufacturers, this credit amounts to 10% of the capital expenditures incurred during the taxable year. If the investment is made in a rural or economically challenged area, the credit increases to 15%. The maximum credit per taxpayer per year is $10,000,000, or $20,000,000 for investments in designated areas. The credit cannot be carried forward or back and takes effect immediately upon becoming law.