Full Text of HB1249 95th General Assembly
HB1249 95TH GENERAL ASSEMBLY
|
|
|
95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008 HB1249
Introduced 2/15/2007, by Rep. Ed Sullivan, Jr. - James H. Meyer - JoAnn D. Osmond - Sandy Cole SYNOPSIS AS INTRODUCED: |
|
|
Amends the Illinois Income Tax Act. Increases the amount of the credit for wages paid to qualified veterans from an amount equal to "5%, but in no event to exceed $600, of the gross wages paid to a qualified veteran" to either $1,000, $1,500, or $3,000 depending on the number of qualified veterans employed. Effective immediately.
|
| |
|
|
| FISCAL NOTE ACT MAY APPLY | |
|
|
A BILL FOR
|
|
|
|
|
HB1249 |
|
LRB095 04660 BDD 25447 b |
|
| 1 |
| AN ACT concerning revenue.
| 2 |
| Be it enacted by the People of the State of Illinois,
| 3 |
| represented in the General Assembly:
| 4 |
| Section 5. The Illinois Income Tax Act is amended by | 5 |
| changing Section 217 as follows: | 6 |
| (35 ILCS 5/217)
| 7 |
| Sec. 217. Credit for wages paid to qualified veterans. | 8 |
| (a) For each taxable year beginning on or after January 1, | 9 |
| 2007, each taxpayer who paid wages to a qualified veteran in | 10 |
| the course of that veteran's sustained employment during the | 11 |
| taxable year is entitled to a credit against the tax imposed by | 12 |
| subsections (a) and (b) of Section 201 of this Act in an amount | 13 |
| equal to :
| 14 |
| (1) $1,000 if one qualified veteran worked an average | 15 |
| of at least 40 hours per week; | 16 |
| (2) $1,500 if 2 qualified veterans worked an average of | 17 |
| at least 40 hours per week; or | 18 |
| (3) $3,000 if 3 or more qualified veterans worked an | 19 |
| average of at least 40 hours per week. | 20 |
| 5%, but in no event to exceed $600, of the gross wages paid by | 21 |
| the taxpayer to a qualified veteran in the course of that | 22 |
| veteran's sustained employment during the taxable year.
| 23 |
| For partners, shareholders of Subchapter S corporations, |
|
|
|
HB1249 |
- 2 - |
LRB095 04660 BDD 25447 b |
|
| 1 |
| and owners of limited liability companies, if the liability | 2 |
| company is treated as a partnership for purposes of federal and | 3 |
| State income taxation, there shall be allowed a credit under | 4 |
| this Section to be determined in accordance with the | 5 |
| determination of income and distributive share of income under | 6 |
| Sections 702 and 704 and Subchapter S of the Internal Revenue | 7 |
| Code. | 8 |
| (b) For purposes of this Section: | 9 |
| "Qualified veteran" means an Illinois resident who: (i) was | 10 |
| a member of the Armed Forces of the United States, a member of | 11 |
| the Illinois National Guard, or a member of any reserve | 12 |
| component of the Armed Forces of the United States; (ii) served | 13 |
| on active duty in connection with Operation Desert Storm, | 14 |
| Operation Enduring Freedom, or Operation Iraqi Freedom; (iii) | 15 |
| has provided, to the taxpayer, documentation showing that he or | 16 |
| she was honorably discharged; and (iv) was initially hired by | 17 |
| the taxpayer on or after January 1, 2007. | 18 |
| "Sustained employment" means a period of employment that is | 19 |
| not less than 185 days during the taxable year. | 20 |
| (c) In no event shall a credit under this Section reduce | 21 |
| the taxpayer's liability to less than zero. If the amount of | 22 |
| the credit exceeds the tax liability for the year, the excess | 23 |
| may be carried forward and applied to the tax liability of the | 24 |
| 5 taxable years following the excess credit year. The tax | 25 |
| credit shall be applied to the earliest year for which there is | 26 |
| a tax liability. If there are credits for more than one year |
|
|
|
HB1249 |
- 3 - |
LRB095 04660 BDD 25447 b |
|
| 1 |
| that are available to offset a liability, the earlier credit | 2 |
| shall be applied first.
| 3 |
| (Source: P.A. 94-1067, eff. 8-1-06.)
| 4 |
| Section 99. Effective date. This Act takes effect upon | 5 |
| becoming law.
|
|