Bill Status of HB2498 102nd General Assembly
Short Description: INC TX-ENGINEERING STUDENTS
Rep. Martin J. Moylan
| 3/27/2021||House||Rule 19(a) / Re-referred to Rules Committee|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Department of Commerce and Economic Opportunity Law of the Civil Administrative Code of Illinois. Provides that the Department of Commerce and Economic Opportunity shall issue income tax credits, with certification, to qualified professional design firms in Illinois that hire qualified employees. Provides that the tax credit amount shall be (i) 10% of the qualified compensation paid to each qualified employee who graduated from an accredited institution of higher learning in the State and (ii) 5% of the qualified compensation paid to each qualified employee who graduated from an accredited institution of higher learning outside of the State. Provides that "qualified employee" means an employee working in the State for a qualified professional design firm as an architect, an architectural associate, a structural engineer, a structural engineer intern, a design professional, or an engineer intern who graduated from an accredited institution of higher learning with a Bachelor's degree within the 2 years immediately preceding the year in which the credit is taken. Amends the Illinois Income Tax Act to make conforming changes. Effective immediately.