Illinois General Assembly - Bill Status for HB5739
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 Bill Status of HB5739  96th General Assembly


Short Description:  INC TX-NEW EMPLOYEE CREDIT

House Sponsors
Rep. Bill Mitchell - Ron Stephens and Carol A. Sente

Last Action
DateChamber Action
  1/11/2011HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/219 new
35 ILCS 5/704A


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to $210 for each employee hired by the taxpayer during the taxable year to fill a newly created position multiplied by the number of consecutive months during which the employee is employed by the taxpayer. Provides that the taxpayer may elect to use all or a portion of the credit against its withholding tax liability. Provides that, if the amount of the credit exceeds the taxpayer's liability for the taxable year, the credit may be carried forward and applied to the tax liability of the 5 taxable years following the excess credit year. Effective immediately.

Actions 
DateChamber Action
  2/9/2010HouseFiled with the Clerk by Rep. Bill Mitchell
  2/9/2010HouseChief Co-Sponsor Rep. Ron Stephens
  2/9/2010HouseFirst Reading
  2/9/2010HouseReferred to Rules Committee
  3/12/2010HouseAdded Co-Sponsor Rep. Carol A. Sente
  1/11/2011HouseSession Sine Die

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