SPRINGFIELD — To uplift the vital economic contributions the arts industry provides to Illinois and the Northwest Suburbs, State Senator Cristina Castro helped lead an initiative through the Senate to support this industry and others.
“Illinois’ creative and performing arts industries employ nearly 200,000 Illinoisans,” said Castro (D-Elgin). “With more flexible rules in place, well-paying job opportunities and a diverse pool of talent, we can expect to see continuing success in the growth of the arts across our state.”
The Illinois Live Theater Production Tax Credit Program provides theaters with a transferable tax credit, offering an incentive to hire locally by covering a percentage of Illinois labor and in-state talent costs.
House Bill 4636 would provide smaller nonprofit venues with a clearer path to claiming the live theater production credit by establishing a tier structure that ensures tax credits go toward varying sizes and production types.
Further, the measure looks to streamline requirements for the music and musicians tax credit – which will take effect Jan. 1 – to eliminate barriers and help smaller music companies receive incentives. It would also extend the returning citizens wage credit, which was set to expire Dec. 31. The program boosts job opportunities and reduces barriers to reentry by providing tax incentives to employers who hire eligible returning citizens.
House Bill 4636 passed the Senate on Wednesday.