Illinois General Assembly - Bill Status for HB4773
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 Bill Status of HB4773  101st General Assembly


Short Description:  SMALL BUSINESS-INCENTIVES

House Sponsors
Rep. Curtis J. Tarver, II

Last Action
DateChamber Action
  1/13/2021HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 25/10
35 ILCS 25/25
35 ILCS 25/30
35 ILCS 25/35
35 ILCS 25/45


Synopsis As Introduced
Amends the Small Business Job Creation Tax Credit Act. Creates a second set of incentive periods beginning on July 1, 2020 and ending on June 30, 2026. Provides that the basic wage for the second set of incentive periods is $15 per hour. Provides that the credit may not exceed $2,500 per new employee hired, except that, if the new employee is a returning citizen, then the credit for that employee may not exceed $3,500. Provides that the term "returning citizen" means an individual who (i) is a resident of Illinois, (ii) was formerly incarcerated in a federal, State, or local correctional institution, and (iii) is a new employee. Provides that the aggregate amount of credits that may be awarded under the Act is (i) $50,000,000 for new employees other than returning citizens and (ii) $5,000,000 for returning citizens. Adds provisions concerning recapture of the credit if the employee is terminated by the taxpayer within one year after the credit is awarded. Effective immediately.

Actions 
DateChamber Action
  2/10/2020HouseFiled with the Clerk by Rep. Curtis J. Tarver, II
  2/18/2020HouseFirst Reading
  2/18/2020HouseReferred to Rules Committee
  1/13/2021HouseSession Sine Die

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