SB0157: INC TAX-RIVER EDGE CREDIT

Legislative Summary

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that certain startup taxpayers are eligible to elect to claim the Credit against their obligation to pay over withholding taxes. Amends the Economic Development for a Growing Economy Tax Credit Act and the River Edge Redevelopment Zone Act. Makes changes to the definition of "underserved area". Amends the Illinois Income Tax Act and the Film Production Services Tax Credit Act of 2008. Provides that, if a film production credit is transferred by the taxpayer, then the transferor taxpayer shall pay to the Department of Commerce and Economic Opportunity a specified percentage of the amount transferred, which shall be deposited into the Illinois Production Workforce Development Fund. Provides that the term "Illinois labor expenditures" includes wages paid to nonresidents, subject to certain limitations. Makes changes concerning the earned income tax credit in the Illinois Income Tax Act. Creates certain income tax and property tax rebates. Amends the State Finance Act to create various special funds. Provides for transfers from the General Revenue Fund to certain other funds. Amends the Live Theater Production Tax Credit Act. Provides that, for the State fiscal year ending on July 1, 2023, the amount of tax credits awarded under the Act shall not exceed $4,000,000 (currently, $2,000,000); however, credits awarded for that fiscal year in excess of $2,000,000 must be awarded to applicants with Illinois production spending of not less than $2,500,000. Amends the Use Tax Act, the Service Use Tax Act, the Service Occupation Tax Act, and the Retailers' Occupation Tax Act. Makes changes concerning biodiesel. Provides that, beginning on July 1, 2022 and until July 1, 2023, the rate of tax on certain food products shall be 0% (currently, 1%). Provides that the credit for coal and aggregate exploration, mining, off-highway hauling, processing, maintenance, and reclamation equipment sunsets on July 1, 2028 (currently July 1, 2023). Creates a tax holiday for certain school supplies and clothing. Creates an exemption for breast pumps and breast pump kits. Amends the Illinois Income Tax Act. Creates an income tax credit for any individual or entity that operates an agritourism operation in the State during the taxable year. Makes changes concerning the credit for instructional supplies. Extends the income tax credit for certain hospitals through taxable years ending on or before December 31, 2027 (currently, December 31, 2022). Creates a withholding tax credit for organ donations. Amends the Motor Fuel Tax Tax Law. Suspends the rate adjustment calculated based on the percentage change in the Consumer Price Index until January 1, 2023 (currently, the adjustment occurs on July 1, 2022). Requires retailers to post certain notices of the suspension of the inflation adjustment in a prominently visible place on each retail dispensing device. Amends the Reimagining Electric Vehicles in Illinois Act. Provides that battery recycling and reuse manufacturers and battery raw materials refining service providers are also eligible for incentives under the Act. Provides that manufacturers of advanced battery components are also considered electric vehicle component parts manufacturers. For an applicant that is required to create full-time employee jobs, provides that the wages are based on wages paid to full-time employees in a similar position within an occupational group in the county where the project is located. Amends the Parking Excise Tax Act. Makes changes concerning booking intermediaries. Amends the Unemployment Insurance Act. Makes changes concerning an individual's weekly benefit amount. Provides that a claims adjudicator may reconsider a determination, if the issue is whether or not an individual misstated earnings for any week beginning on or after March 15, 2020, at any time within 5 years after the last day of the week for which the determination is made. Provides that the State's account in the unemployment trust fund is authorized to receive appropriations of State funds from other State accounts to repay any advance or advances from the United States Secretary of Labor. Makes other changes. Effective immediately, except that provisions concerning the Parking Excise Tax take effect on July 1, 2023.