§ 77-20

Illinois § 77-20

• Jurisdiction: Illinois
• Topic: GOVERNMENT
• Ch. 35: REVENUE
• Act 35 ILCS 65/: Advancing Innovative Manufacturing for Illinois Tax Credit Act.

Text

Advancing Innovative Manufacturing for Illinois Tax Credit project applications. (a) The Advancing Innovative Manufacturing for Illinois Tax Credit program is hereby established and shall be administered by the Department. The Program will provide investment tax credit incentives to eligible manufacturers of critically demanded goods. (b) A taxpayer planning a project to be located in Illinois may request consideration for designation of its project as an Advancing Innovative Manufacturing for Illinois Tax Credit program project by formal written letter of request to the Department. The letter must, at a minimum, identify the company name and project location, detail the scope of the project, and specify the amount of intended capital investment in the project, the number of new full-time employees at a designated location in Illinois, the number of retained employees at a project location and across Illinois, and any change in the statewide baseline. As circumstances require, the Department shall require a formal application from an applicant. (c) The Department of Commerce and Economic Opportunity shall review the merits of each letter provided to evaluate the taxpayer's demonstrated commitment to expanding manufacturing within Illinois, the overall positive fiscal impact of the project on the State, the economic soundness of the project, and the benefit of the project to the people of the State through increased, retained, or improved employment opportunities. In the Department's evaluation of the project, special consideration may be applied to projects located within underserved areas; projects targeting industries that are vital to the Illinois economy; projects with significant job creation or job retention, or both; and projects with considerable capital improvement investments. At a minimum, the Department shall review project applications that include a capital improvement investment of at least $10,000,000. (d) A taxpayer may not enter into more than one agreement under this Act with respect to a single address or location for the same period of time. A taxpayer may not enter into an agreement under this Act with respect to a single address or location if the taxpayer also holds an active agreement under the Economic Development for a Growing Economy Tax Credit Act, Reimagining Electric Vehicles in Illinois Tax Credit Act, Manufacturing Illinois Chips for Real Opportunity Act, or Data Center Investment Tax Exemptions and Credits for the same period of time. This provision does not preclude the applicant from entering into an additional agreement after the expiration or voluntary termination of an earlier agreement under this Act or under the Economic Development for a Growing Economy Tax Credit Act, Reimagining Electric Vehicles in Illinois Tax Credit Act, Manufacturing Illinois Chips for Real Opportunity Act, or Data Center Investment Tax Exemptions and Credits to the extent that the taxpayer's application otherwise satisfies the terms and conditions of this Act and is approved by the Department. An applicant with an existing agreement under the Economic Development for a Growing Economy Tax Credit Act, Reimagining Electric Vehicles in Illinois Tax Credit Act, Manufacturing Illinois Chips for Real Opportunity Act, or Data Center Investment Tax Exemptions and Credits may submit an application for an agreement under this Act after it terminates any existing agreement under the Economic Development for a Growing Economy Tax Credit Act, Reimagining Electric Vehicles in Illinois Tax Credit Act, Manufacturing Illinois Chips for Real Opportunity Act, or Data Center Investment Tax Exemptions and Credits with respect to the same address or location.

Legislative History

(Source: P.A. 104-6, eff. 6-16-25.)