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94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
SB3185
Introduced 5/3/2006, by Sen. Cheryl Axley - John O. Jones - Dave Syverson - David Luechtefeld - Chris Lauzen SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 5%, but in no event to exceed $600, of the
gross wages paid by the taxpayer to a qualified veteran in the
course of that veteran's sustained employment during the
taxable year. Defines "qualified veteran". Provides that the credit may be carried forward for 5 taxable years. Exempts the credit from the Act's sunset provisions. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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SB3185 |
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LRB094 20413 BDD 58583 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by adding |
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| Section 216 as follows:
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| (35 ILCS 5/216 new) |
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| Sec. 216. Credit for wages paid to qualified veterans. |
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| (a) For each taxable year beginning on or after January 1,
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| 2007, each taxpayer is entitled to a credit against the tax
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| imposed by subsections (a) and (b) of Section 201 of this Act
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| in an amount equal to 5%, but in no event to exceed $600, of the
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| gross wages paid by the taxpayer to a qualified veteran in the
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| course of that veteran's sustained employment during the
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| taxable year. |
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| (b) For purposes of this Section: |
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| "Qualified veteran" means an Illinois resident who: (i) was
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| a member of the Armed Forces of the United States, a member of
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| the Illinois National Guard, or a member of any reserve
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| component of the Armed Forces of the United States; (ii) served
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| on active duty in connection with Operation Desert Storm,
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| Operation Enduring Freedom, or Operation Iraqi Freedom; (iii)
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| was honorably discharged; and (iv) was initially hired by the
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| taxpayer on or after January 1, 2007. |
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| "Sustained employment" means a period of employment that is
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| not less than 185 days during the taxable year. |
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| (c) If the taxpayer is a partnership or Subchapter S
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| corporation, the credit is allowed to the partners or
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| shareholders in accordance with the determination of income
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| distributive share of income under Sections 702 and 704
and |
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| Subchapter S of the Internal Revenue Code. |
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| (d) In no event shall a credit under this Section reduce
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| the taxpayer's liability to less than zero. If the amount of
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