Illinois 99th Regular Session Status: In Committee

HB 1433 — EDGE-WITHHOLDING

Last action — Session Sine Die

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  1. ✓
    Introduced
  2. 2
    In Committee
  3. 3
    Passed House
  4. 4
    Passed Senate
  5. 5
    To Executive
  6. 6
    Enacted

This bill died with 99th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.

This bill is no longer active — its legislative session has ended, so there is no live prognosis. It would have to be reintroduced in the current session to move again.

Summary

Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that, for agreements entered into on or after the effective date of the amendatory Act, no Taxpayer may elect to apply the credit against its withholding tax liability unless certain conditions are met. Provides that each application for credits must contain an affidavit signed by the Taxpayer's chief executive officer or chief financial officer, or an individual holding an equivalent position, stating that, but for the Credit, the Taxpayer would not locate the project in the State. Requires the Department to post the taxpayer's tax information on its website. In the case of all EDGE credits, provides that, if the Applicant's project includes retained employees, the Credit may also include an amount agreed to between the Department and the Applicant based on the severity of the poverty or unemployment in the geographic area in which the Applicant's project is located or the retained employees reside. Provides that that amount may not be more than 40% of the total amount withheld from the compensation of retained employees. Amends the Illinois Income Tax Act to allow the Department of Revenue to provide information to the Department of Commerce and Economic Opportunity for the purpose of confirming the tax information submitted by the Taxpayer. Effective immediately.

Bill Text

How this bill changes current law

4 changes Share ↗

Compared against the Illinois Compiled Statutes as published AI-generated reading aid — verify against the official bill.

The bill modifies the Economic Development for a Growing Economy Tax Credit Act by imposing new requirements for Taxpayer credit applications and expanding credit eligibility based on economic conditions in project locations.

  • 35 ILCS 10/5-5

    However, if the Applicant's project includes retained employees, then the amount of the Credit may also include an amount agreed to between the Department and the Applicant based on the severity of the poverty or unemployment in the geographic area in which the Applicant's project is located or the retained employees reside. That amount may not be more than 40% of the total amount withheld during the taxable year under Article 7 of the Illinois Income Tax Act from the compensation of retained employees.

    This change allows for an additional credit calculation based on local economic conditions.

  • 35 ILCS 10/5-5

    requires an affidavit signed by the Taxpayer's chief executive officer or chief financial officer, or an individual holding an equivalent position, stating that, but for the Credit, the Taxpayer would not locate the project in the State.

    This requires a new affidavit to ensure Taxpayers demonstrate need for the tax credit.

  • 35 ILCS 10/5-15

    no Taxpayer may elect to apply the credit against its withholding tax liability unless certain conditions are met.

    This restricts how Taxpayers can apply for tax credits related to withholding tax.

  • 35 ILCS 10/5-50

    The Department shall post on its website the terms of each Agreement entered into under this Act on or after the effective date of this amendatory Act. Such information shall be posted within 10 days after entering into the Agreement and must include the following: (1) the name of the recipient business; (2) the location of the project; (3) the estimated value of the credit; (4) the number of new jobs and, if applicable, retained jobs pledged as a result of the project; and (5) whether or not the project is located in an underserved area.

    This mandates transparency by requiring the Department to publicly post specific project information.

Action History

  1. Session Sine Die

  2. Rule 19(a) / Re-referred to Rules Committee

  3. To Income Tax Subcommittee

  4. Assigned to Revenue & Finance Committee

  5. Referred to Rules Committee

  6. First Reading

  7. Filed with the Clerk by Rep. Jack D. Franks

Sponsors

  • Jack D. Franks · Cosponsor

Sponsorship breakdown

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0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Jack D. Franks

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Subjects

taxation finance
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Frequently asked questions

What does HB 1433 do?
Amends the Economic Development for a Growing Economy Tax Credit Act. Provides that, for agreements entered into on or after the effective date of the amendatory Act, no Taxpayer may elect to apply the credit against its withholding tax liability unless certain conditions are met. Provides that each application for credits must contain an affidavit signed by the Taxpayer's chief executive officer or chief financial officer, or an individual holding an equivalent position, stating that, but for the Credit, the Taxpayer would not locate the project in the State. Requires the Department to post the taxpayer's tax information on its website. In the case of all EDGE credits, provides that, if the Applicant's project includes retained employees, the Credit may also include an amount agreed to between the Department and the Applicant based on the severity of the poverty or unemployment in the geographic area in which the Applicant's project is located or the retained employees reside. Provides that that amount may not be more than 40% of the total amount withheld from the compensation of retained employees. Amends the Illinois Income Tax Act to allow the Department of Revenue to provide information to the Department of Commerce and Economic Opportunity for the purpose of confirming the tax information submitted by the Taxpayer. Effective immediately.
Who sponsors HB 1433?
HB 1433 is sponsored by Jack D. Franks.
What is the current status of HB 1433?
This bill died with 99th Regular Session. It reached “In Committee” and never advanced before the session ended, so it can no longer move — a new version would have to be reintroduced in the current session.
Where can I track HB 1433?
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Last checked for changes 3 months ago · updated continuously

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