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Synopsis As Introduced Amends the Illinois Income Tax Act. Provides that each taxpayer who employs a long-term unemployed person during the taxable year is entitled to an income tax credit of: (1) $500 in the taxable year in which the long-term unemployed person is initially hired by the taxpayer; (2) $750 in the first taxable year after the long-term unemployed person is initially hired by the taxpayer; and (3) $1,250 in the second taxable year after the long-term unemployed person is initially hired by the taxpayer. Provides that the taxpayer may receive a partial credit if the person is employed by the taxpayer for only part of a taxable year. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.
Senate Floor Amendment No. 1 Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes: (1) provides that the credit for individuals who are employed by the taxpayer for a partial year shall be calculated based on the number of weeks (instead of the number of days) of employment; and (2) provides that the term "long-term unemployed person" means a person who (i) was unemployed for a period of at least 27 consecutive weeks (in the introduced bill, "an aggregate period of 27 weeks") ending on the Saturday immediately preceding the date he or she was hired by the taxpayer, (ii) was an Illinois resident on the date he or she was hired by the taxpayer, (iii) is employed by the taxpayer during the taxable year as a full-time employee, and (iv) was not enrolled as a full-time student at a public or private high school, community college, or university at any point during the 27-week period immediately preceding the date he or she was hired by the taxpayer. Effective immediately.
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