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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 | changing Section 217 as follows: | ||||||||||||||||||||||||
6 | (35 ILCS 5/217)
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7 | Sec. 217. Credit for wages paid to qualified veterans. | ||||||||||||||||||||||||
8 | (a) For each taxable year beginning on or after January 1, | ||||||||||||||||||||||||
9 | 2007, each taxpayer is entitled to a credit against the tax | ||||||||||||||||||||||||
10 | imposed by subsections (a) and (b) of Section 201 of this Act | ||||||||||||||||||||||||
11 | in an amount equal to 5%, but in no event to exceed $600, of the | ||||||||||||||||||||||||
12 | gross wages paid by the taxpayer to a qualified veteran in the | ||||||||||||||||||||||||
13 | course of that veteran's sustained employment during the | ||||||||||||||||||||||||
14 | taxable year. For partners, shareholders of Subchapter S | ||||||||||||||||||||||||
15 | corporations, and owners of limited liability companies, if the | ||||||||||||||||||||||||
16 | liability company is treated as a partnership for purposes of | ||||||||||||||||||||||||
17 | federal and State income taxation, there shall be allowed a | ||||||||||||||||||||||||
18 | credit under this Section to be determined in accordance with | ||||||||||||||||||||||||
19 | the determination of income and distributive share of income | ||||||||||||||||||||||||
20 | under Sections 702 and 704 and Subchapter S of the Internal | ||||||||||||||||||||||||
21 | Revenue Code. | ||||||||||||||||||||||||
22 | (b) For purposes of this Section: | ||||||||||||||||||||||||
23 | "Qualified veteran" means an Illinois resident who was |
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1 | initially hired by the taxpayer on or after January 1, 2007 | ||||||
2 | and: | ||||||
3 | (1) who is currently a member of the Illinois National | ||||||
4 | Guard or a member of any reserve component of the Armed | ||||||
5 | Forces of the United States; or | ||||||
6 | (2) who: (i) was a member of the Armed Forces of the | ||||||
7 | United States, a member of the Illinois National Guard, or | ||||||
8 | a member of any reserve component of the Armed Forces of | ||||||
9 | the United States; (ii) served on active duty in connection | ||||||
10 | with Operation Desert Storm, Operation Enduring Freedom, | ||||||
11 | or Operation Iraqi Freedom; and (iii) has provided, to the | ||||||
12 | taxpayer, documentation showing that he or she was | ||||||
13 | honorably discharged ; and (iv) was initially hired by the | ||||||
14 | taxpayer on or after January 1, 2007 . | ||||||
15 | "Sustained employment" means a period of employment that is | ||||||
16 | not less than 185 days during the taxable year. | ||||||
17 | (c) In no event shall a credit under this Section reduce | ||||||
18 | the taxpayer's liability to less than zero. If the amount of | ||||||
19 | the credit exceeds the tax liability for the year, the excess | ||||||
20 | may be carried forward and applied to the tax liability of the | ||||||
21 | 5 taxable years following the excess credit year. The tax | ||||||
22 | credit shall be applied to the earliest year for which there is | ||||||
23 | a tax liability. If there are credits for more than one year | ||||||
24 | that are available to offset a liability, the earlier credit | ||||||
25 | shall be applied first.
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26 | (Source: P.A. 94-1067, eff. 8-1-06.)
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1 | Section 99. Effective date. This Act takes effect upon | ||||||
2 | becoming law.
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