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| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB2523 Introduced 2/6/2018, by Sen. Steve Stadelman SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Provides that each taxpayer who is employed by a business that would qualify as a federal HUBZone small business concern but for the fact that fewer than 35% of its employees reside within a federal HUBZone is eligible for an income tax credit in the amount of $500 if the employee first moves into a federal HUBZone during the taxable year. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | SB2523 | | LRB100 16624 HLH 31760 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by adding |
| 5 | | Section 227 as follows:
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| 6 | | (35 ILCS 5/227 new) |
| 7 | | Sec. 227. HUBZone employee credit. |
| 8 | | (a) For taxable years beginning on or after January 1, |
| 9 | | 2018, each taxpayer who is employed by a business that would |
| 10 | | qualify as a federal HUBZone small business concern but for the |
| 11 | | fact that fewer than 35% of its employees reside within a |
| 12 | | federal HUBZone is eligible for a credit against the taxes |
| 13 | | imposed under subsections (a) and (b) of Section 201 of this |
| 14 | | Act in the amount of $500 if the employee first moves into a |
| 15 | | federal HUBZone during the taxable year. |
| 16 | | (b) In no event shall a credit under this Section reduce |
| 17 | | the taxpayer's liability to less than zero. If the amount of |
| 18 | | the credit exceeds the tax liability for the year, the excess |
| 19 | | may be carried forward and applied to the tax liability of the |
| 20 | | 5 taxable years following the excess credit year. The tax |
| 21 | | credit shall be applied to the earliest year for which there is |
| 22 | | a tax liability. If there are credits for more than one year |
| 23 | | that are available to offset a liability, the earlier credit |