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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1947 Introduced 2/17/2021, by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Provides that each taxpayer who employs an individual who is 15 years of age or older but not yet 20 years of age during the taxable year to work for the taxpayer for at least 25 hours every two weeks is entitled an income tax credit in an amount equal to 60% of the wages paid to those employees during the taxable year. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB1947 | | LRB102 11757 HLH 17092 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 |
| 5 | | adding Section 232 as follows:
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| 6 | | (35 ILCS 5/232 new) |
| 7 | | Sec. 232. Youth employment credit. |
| 8 | | (a) For taxable years beginning on or after January 1, |
| 9 | | 2022, each taxpayer who employs an individual who is 15 years |
| 10 | | of age or older but not yet 20 years of age during the taxable |
| 11 | | year to work for the taxpayer for at least 25 hours every two |
| 12 | | weeks is entitled a credit against the taxes imposed by |
| 13 | | subsections (a) and (b) of Section 201 in an amount equal to |
| 14 | | 60% of the wages paid to those employees during the taxable |
| 15 | | year. |
| 16 | | (b) The credit or credits may not reduce the taxpayer's |
| 17 | | liability to less than zero. If the amount of the credit or |
| 18 | | credits exceeds the taxpayer's liability, the excess may be |
| 19 | | carried forward and applied against the taxpayer's liability |
| 20 | | in the next 5 succeeding taxable years. The credit or credits |
| 21 | | shall be applied to the earliest year for which there is a tax |
| 22 | | liability. If there are credits from more than one taxable |
| 23 | | year that are available to offset a liability, the earlier |