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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB3144 Introduced , by Rep. Thaddeus Jones SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2014, each business that is first located in the State during the taxable year is entitled to a credit in an amount equal to 10% of the wages paid to qualified employees during the taxpayer's first year of business in the State. Provides that the term "qualified employee" means a full-time employee of the taxpayer who is a resident of the State and not more than a 5% shareholder, partner, member, or owner of the taxpayer. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
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| | HB3144 | | LRB098 07398 HLH 37462 b |
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1 | | AN ACT concerning revenue.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Income Tax Act is amended by adding |
5 | | Section 224 as follows: |
6 | | (35 ILCS 5/224 new) |
7 | | Sec. 224. New business credit. |
8 | | (a) For taxable years beginning on or after January 1, |
9 | | 2014, each business that is first located in the State during |
10 | | the taxable year is entitled to a credit against the tax tax |
11 | | imposed under subsections (a) and (b) of this Section in an |
12 | | amount equal to 10% of the wages paid to qualified employees |
13 | | during the taxpayer's first year of business in the State. For |
14 | | the purposes of this Section, "qualified employee" means a |
15 | | full-time employee of the taxpayer who is a resident of the |
16 | | State and not more than a 5% shareholder, partner, member, or |
17 | | owner of the taxpayer. |
18 | | (b) The tax credit may not reduce the taxpayer's liability |
19 | | to less than zero. If the amount of the tax credit exceeds the |
20 | | tax liability for the year, the excess may be carried forward |
21 | | and applied to the tax liability of the 5 taxable years |
22 | | following the excess credit year. The credit must be applied to |
23 | | the earliest year for which there is a tax liability. If there |