SUBTITLE C: ECONOMIC DEVELOPMENT
CHAPTER I: DEPARTMENT OF COMMERCE AND ECONOMIC OPPORTUNITY
PART 529 SMALL BUSINESS JOB CREATION TAX CREDIT ACT
SECTION 529.80 DETERMINATION OF CREDIT AMOUNT
Section 529.80 Determination of Credit Amount
a) The Department shall determine the amount of credit awarded under the Act. Subject to the conditions set forth in the Act, applicant is entitled to a credit against payment of taxes withheld under Section 704A of the Illinois Income Tax Act for calendar years ending on or after the date that is 12 months after the date of hire of a new employee. The credit shall be allowed as a credit to an applicant for each full-time employee hired during the incentive period that results in a net increase in full-time Illinois employees, when the net increase in the employer's full-time Illinois employees is maintained for at least 12 months. [35 ILCS 25/25(a)]
b) The Department shall make credit awards under the Act to further job creation. [35 ILCS 25/25(b)]
c) The credit shall be claimed for the first calendar year ending on or after the date on which the certificate is issued by the Department. [35 ILCS 25/25(c)]
d) The total amount of the credit shall not exceed $2,500 per new employee hired. [35 ILCS 25/25(d)]
e) The net increase in full-time Illinois employees, measured on an annual full-time equivalent basis, shall be the total number of full-time Illinois employees of the applicant on June 30, 2011, minus the number of full-time Illinois employees employed by the employer on July 1, 2010. For purposes of the calculation, an employer that begins doing business in this State during the incentive period, as determined by the Director, shall be treated as having zero Illinois employees on July 1, 2010. [35 ILCS 25/25(e)]
f) The net increase in the number of full-time Illinois employees of the applicant must be sustained continuously for at least 12 months, starting with the date of hire of a new employee during the incentive period. Eligibility for the credit does not depend on the continuous employment of any particular individual. For purposes of this subsection (f), if a new employee ceases to be employed before the completion of the 12-month period for any reason, the 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 a reasonable time for the same position. [35 ILCS 25/25(f)]