SB3692 amends the Economic Development for a Growing Economy Tax Credit Act to adjust the credit for certain businesses.
SB3692 amends the Economic Development for a Growing Economy Tax Credit Act to modify the credit for taxpayers engaged in specific business activities. The bill allows taxpayers primarily engaged in water purification, motor vehicle manufacturing, and other specified activities to elect to claim the credit against withholding taxes. It also sets criteria for eligibility, including employment levels, job retention, capital investments, and relocation of corporate headquarters to Illinois. The credit is intended to foster job creation and retention within the state.
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