Synopsis As Introduced Amends the Illinois Income Tax Act. Creates a credit for taxpayers who own and operate a small business in Illinois. Provides that the credit shall be an amount equal to (i) $1,000 for each eligible employee hired during the taxable year or (ii) $1,500 for each eligible employee hired during the taxable year who was receiving unemployment benefits from the State at the time he or she was hired. Provides that the eligible employee must be employed for at least 180 consecutive days. Provides that the taxpayer must have at least a 50% ownership interest in the small business. Provides that the credit may be carried forward for a period of 5 years. Effective immediately.