Illinois General Assembly - Bill Status for HB5315
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 Bill Status of HB5315  9th General Assembly

Short Description:  EDGE-CREDIT AWARDS

House Sponsors
Rep. Jeanne M Ives

Last Action
DateChamber Action
  12/3/2014HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/211
35 ILCS 10/5-10
35 ILCS 10/5-15
35 ILCS 10/5-20
35 ILCS 10/5-25
35 ILCS 10/5-40
35 ILCS 10/5-45
35 ILCS 10/5-50
35 ILCS 10/5-55

Synopsis As Introduced
Amends the Economic Development for a Growing Economy Tax Credit Act and the Illinois Income Tax Act. Provides that, for tax years beginning on or after January 1, 2015, each taxpayer that demonstrates completion of a project in Illinois during the taxable year that involves (i) an investment by the taxpayer of at least $1,000,000 in capital improvements to be placed into service in Illinois and (ii) the employment of at least 5 new employees in Illinois is entitled to an EDGE credit. Provides that the amount of the credit shall be determined by multiplying the taxpayer's income tax rate by the average wage of the jobs created and then multiplying the result by the number of jobs created.

DateChamber Action
  2/7/2014HouseFiled with the Clerk by Rep. Jeanne M Ives
  2/7/2014HouseFirst Reading
  2/7/2014HouseReferred to Rules Committee
  3/3/2014HouseAssigned to Revenue & Finance Committee
  3/11/2014HouseTo Income Tax Subcommittee
  3/28/2014HouseRule 19(a) / Re-referred to Rules Committee
  12/3/2014HouseSession Sine Die

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