97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3390
 
Introduced 2/7/2012, by Sen. Carole Pankau
 
SYNOPSIS AS INTRODUCED:
 

 
35 ILCS 5/223 new

     Amends the Illinois Income Tax Act.  Creates a credit in an amount equal to: (i) 100% of the cost of unemployment insurance and worker's compensation paid during the taxable year for each employee hired by the taxpayer during the taxable year and (ii) 50% of the cost of unemployment insurance and worker's compensation paid during the taxable year for each employee hired by the taxpayer during the previous taxable year.  Effective immediately.
  


LRB097 19871 HLH 65154 b

FISCAL NOTE ACT MAY APPLY
 
 
A BILL FOR
 

  
SB3390LRB097 19871 HLH 65154 b


  
1    AN ACT concerning revenue.
  
 
2    Be it enacted by the People of the State of Illinois,
 
3represented in the General Assembly:
  
 
 
4    Section 5. The Illinois Income Tax Act is amended  by adding 
5Section 223 as follows:
 
6    (35 ILCS 5/223 new)
7    Sec. 223. Credit for unemployment and worker's 
8compensation.   
9    (a)  For taxable years ending on or after December 31, 2012,  
10each taxpayer is entitled to a credit against the taxes imposed 
11under subsections (a) and (b) of Section 201 of this Act in an 
12amount equal to 100% of the cost of unemployment insurance and 
13worker's compensation paid during the taxable year for each 
14employee hired by the taxpayer during the taxable year.  In 
15addition, for taxable years ending on or after December 31, 
162012,  each taxpayer is entitled to a credit against the taxes 
17imposed under subsections (a) and (b) of Section 201 of this 
18Act in an amount equal to 50% of the cost of unemployment 
19insurance and worker's compensation paid during the taxable 
20year for each employee hired by the taxpayer during the 
21previous taxable year.
22    (b)  The tax credit may not reduce the taxpayer's liability 
23to less than
zero.  If the amount of the tax credit exceeds the 
 
 
SB3390- 2 -LRB097 19871 HLH 65154 b

1tax liability for the year,
the excess may be carried forward 
2and applied to the tax liability of the 5
taxable years 
3following the excess credit year.  The credit must be applied to

4the earliest year for which there is a tax liability.  If there 
5are credits
from more than one tax year that are available to 
6offset a liability, then the
earlier credit must be applied 
7first. 
 
 
8    Section 99. Effective date. This Act takes effect upon 
9becoming law.