HB4565 - INC TX-BIOBASED PRODUCTS
Illinois - 103rd General Assembly
Introduced byRyan Spain
Last updated 8 months ago
1 Co-Sponsor
Amends the Illinois Income Tax Act. Creates an income tax credit not to exceed 25% of the eligible costs incurred by the taxpayer during the taxable year in connection with the production of a biobased product. Provides that the Department of Commerce and Economic Opportunity shall award the credits. Provides that the total aggregate amount of credits awarded under those provisions shall not exceed $20,000,000 in any State fiscal year. Effective immediately.
STATUS
Introduced
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