Illinois General Assembly - Full Text of HB1947
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Full Text of HB1947  102nd General Assembly

HB1947 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB1947

 

Introduced 2/17/2021, by Rep. Marcus C. Evans, Jr.

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/232 new

    Amends the Illinois Income Tax Act. Provides that each taxpayer who employs an individual who is 15 years of age or older but not yet 20 years of age during the taxable year to work for the taxpayer for at least 25 hours every two weeks is entitled an income tax credit in an amount equal to 60% of the wages paid to those employees during the taxable year. Effective immediately.


LRB102 11757 HLH 17092 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB1947LRB102 11757 HLH 17092 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
5adding Section 232 as follows:
 
6    (35 ILCS 5/232 new)
7    Sec. 232. Youth employment credit.
8    (a) For taxable years beginning on or after January 1,
92022, each taxpayer who employs an individual who is 15 years
10of age or older but not yet 20 years of age during the taxable
11year to work for the taxpayer for at least 25 hours every two
12weeks is entitled a credit against the taxes imposed by
13subsections (a) and (b) of Section 201 in an amount equal to
1460% of the wages paid to those employees during the taxable
15year.
16    (b) The credit or credits may not reduce the taxpayer's
17liability to less than zero. If the amount of the credit or
18credits exceeds the taxpayer's liability, the excess may be
19carried forward and applied against the taxpayer's liability
20in the next 5 succeeding taxable years. The credit or credits
21shall be applied to the earliest year for which there is a tax
22liability. If there are credits from more than one taxable
23year that are available to offset a liability, the earlier

 

 

HB1947- 2 -LRB102 11757 HLH 17092 b

1credit shall be applied first.
2    (c) For partners, shareholders of Subchapter S
3corporations, and owners of limited liability companies, if
4the liability company is treated as a partnership for the
5purposes of federal and State income taxation, there shall be
6allowed a credit under this Section to be determined in
7accordance with the determination of income and distributive
8share of income under Sections 702 and 704 and Subchapter S of
9the Internal Revenue Code.
10    (d) This Section is exempt from the provisions of Section
11201.
 
12    Section 99. Effective date. This Act takes effect upon
13becoming law.