HB 5798

  • Illinois House Bill
  • 97th Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

Edge-Incentive Payments

Abstract

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that an applicant who has been awarded a Credit under the Act may, in the applicant's sole discretion, opt to retain taxes withheld under the Illinois Income Tax Act in lieu of an income tax credit. Provides that the amount of withheld taxes retained by the applicant in a taxable year may not exceed the amount of the Credit awarded by the Department of Commerce and Economic Opportunity for that taxable year. Provides that each employee whose taxes were withheld by an employer who retains amounts under this subsection must receive credit for 100% of the taxes withheld from his or her pay. Requires the Department to report annually to the Governor and the General Assembly on the progress of the incentive payment program. Amends the Illinois Income Tax Act to make corresponding changes concerning tax withholding. Effective immediately.

Bill Sponsors (1)

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Jan 08, 2013

House

Session Sine Die

Mar 01, 2012

House

Added Co-Sponsor Rep. David Harris

Feb 28, 2012

House

Added Chief Co-Sponsor Rep. Paul Evans

House

Added Chief Co-Sponsor Rep. Sidney H. Mathias

House

Added Co-Sponsor Rep. Mike Bost

House

Chief Co-Sponsor Changed to Rep. Sidney H. Mathias

House

Added Chief Co-Sponsor Rep. Jil Tracy

House

Added Chief Co-Sponsor Rep. Darlene J. Senger

Feb 16, 2012

House

Filed with the Clerk by Rep. Dwight Kay

House

First Reading

House

Referred to Rules Committee

Bill Text

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