Bill Status of SB1505  104th General Assembly

Short Description:  SMALL BUSINESS TAX CREDIT

Senate Sponsors
Sen. Willie Preston, Adriane Johnson, Mattie Hunter, Laura Fine, Bill Cunningham, Laura M. Murphy and Robert Peters

Last Action
DateChamber Action
  2/11/2025SenateAssigned to Revenue

Statutes Amended In Order of Appearance
35 ILCS 25/10
35 ILCS 25/25
35 ILCS 25/35


Synopsis As Introduced
Amends the Small Business Job Creation Tax Credit Act. Renews the program for incentive periods beginning on or after July 1, 2025 and ending on or before June 30, 2032. Removes language concerning the Put Illinois to Work Program for the second series of incentive periods. Provides that the term "full-time employee" means an individual who is employed for a basic wage for at least 35 hours each week (currently, employed for a basic wage for at least 35 hours each week or renders any other standard of service generally accepted by industry custom or practice as full-time employment). Provides that a net increase in the number of full-time Illinois employees shall be treated as continuous if a different new employee is hired as a replacement within 8 weeks after the position becomes vacant (currently, a reasonable time). Effective immediately.

Actions 
DateChamber Action
  2/4/2025SenateFiled with Secretary by Sen. Willie Preston
  2/4/2025SenateFirst Reading
  2/4/2025SenateReferred to Assignments
  2/11/2025SenateAssigned to Revenue
  2/14/2025SenateAdded as Co-Sponsor Sen. Adriane Johnson
  2/21/2025SenateAdded as Co-Sponsor Sen. Mattie Hunter
  2/24/2025SenateAdded as Co-Sponsor Sen. Laura Fine
  3/5/2025SenateAdded as Co-Sponsor Sen. Bill Cunningham
  3/20/2025SenateAdded as Co-Sponsor Sen. Laura M. Murphy
  3/21/2025SenateRule 2-10 Committee Deadline Established As April 11, 2025
  4/11/2025SenateRule 2-10 Committee Deadline Established As May 9, 2025
  4/24/2025SenateAdded as Co-Sponsor Sen. Robert Peters