Illinois General Assembly - Bill Status for HB0548
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 Bill Status of HB0548  95th General Assembly


Short Description:  INC TX-JOB CREATION CREDIT

House Sponsors
Rep. Jil Tracy

Last Action
DateChamber Action
  1/13/2009HouseSession Sine Die

Statutes Amended In Order of Appearance
35 ILCS 5/218 new


Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates an income tax credit through taxable years ending before December 31, 2013 to taxpayers who, during the taxable year, pay wages to one or more net new employees. Sets the amount of the credit at 50% of the amount of Illinois income taxes withheld by the taxpayer with respect to a net new employee, except that, for taxable years ending before December 31, 2011, the credit is 75% of the amount of Illinois income taxes withheld if the taxpayer provides health and retirement benefits to that employee. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Defines "net new employees" as the number of Illinois-based employees on the taxpayer's withholding rolls on the last day of the current taxable year less the number of Illinois-based employees on the taxpayer's withholding rolls on December 31, 2006. Effective immediately.

Actions 
DateChamber Action
  2/1/2007HouseFiled with the Clerk by Rep. Jil Tracy
  2/1/2007HouseFirst Reading
  2/1/2007HouseReferred to Rules Committee
  2/7/2007HouseAssigned to Revenue Committee
  3/23/2007HouseRule 19(a) / Re-referred to Rules Committee
  1/13/2009HouseSession Sine Die

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