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| | 98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014 HB4469 Introduced , by Rep. Dwight Kay SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Income Tax Act. Provides that a taxpayer who owns and operates a business in Illinois shall be allowed a credit in the amount of $3,750 per employee hired by the taxpayer and retained for 2 years. Provides that the credit may be allowed in the amount of $2,500 in the year the employee is hired and in the amount of $1,250 in the second year of employment. Provides that if the amount of the credit exceeds the taxpayer's liability for the taxable year, the excess may be carried forward and applied to the tax liability of the next 5 years. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB4469 | | LRB098 17106 HLH 52193 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. Job creation credit. For taxable years beginning |
8 | | on or after January 1, 2014, each taxpayer who owns and |
9 | | operates a business in Illinois shall be allowed a credit |
10 | | against the tax imposed by subsections (a) and (b) of Section |
11 | | 201 of this Act in the amount of $3,750 per employee hired by |
12 | | the taxpayer and retained for 2 years. Of the $3,750 amount, an |
13 | | amount equal to $2,500 may be allowed as a credit for the |
14 | | taxable year in which the employee was hired if the employee |
15 | | remains employed by the employer on the last day of that |
16 | | taxable year, and an amount equal to $1,250 may be allowed as a |
17 | | credit for the following taxable year if the employee remains |
18 | | employed by the employer on the last day of that taxable year. |
19 | | A credit under this Section may not exceed the taxpayer's |
20 | | Illinois income tax liability for the taxable year. If the |
21 | | amount of the credit exceeds the tax liability for the year, |
22 | | the excess may be carried forward and applied to the tax |
23 | | liability of the 5 taxable years following the excess credit |