§ 110-100 — Investment tax credits for MICRO projects

Subject to the conditions set forth in this Act, a taxpayer is entitled to an investment tax credit toward taxes imposed pursuant to subsections (a) and (b) of Section 201 of the Illinois Income Tax Act for a taxable year in which the taxpayer, in accordance with an agreement under this Act for that taxable year, invests in qualified property which is placed in service at the site of a project. The Department has authority to certify the amount of such investment tax credits to the Department of Revenue. The credit shall be 0.5% of the basis for such property and shall be determined in accordance with Section 239 of the Illinois Income Tax Act. The credit shall be available only in the taxable year in which the property is placed in service and shall not be allowed to the extent that it would reduce a taxpayer's liability for the tax imposed by subsections (a) and (b) of Section 201 of the Illinois Income Tax Act to below zero. Unused credit may be carried forward in accordance with Section 239 of the Illinois Income Tax Act for use in future taxable years. Any taxpayer qualifying for the Investment Tax Credit shall not be eligible for either the investment tax credits in Section 201(e), (f), or (h) of the Illinois Income Tax Act.

Legislative History

(Source: P.A. 102-700, eff. 4-19-22.)