Bill Status of SB3194 97th General Assembly
Short Description: INC TX-HIRE ILLINOIS CREDIT
Sen. Paul Schimpf - Pamela J. Althoff and Scott M. Bennett
| 1/9/2019||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates the Hire Illinois Tax Credit. Provides that a business is eligible for a $500 tax credit against its withholding tax liability for each recent graduate of a public university in the State who is hired by the taxpayer within the incentive period and retained by the taxpayer for 12 consecutive months. Provides that the $500 tax credit may be taken in both the year the qualified employee is hired and for each year of the next 4 years the qualified employee is retained by the taxpayer for 12 consecutive months. Provides 2 ways the taxpayer may take the $500 tax credit. Provides that the Department of Commerce and Economic Opportunity shall limit the monetary amount of these tax credits to $25,000,000. Provides for procedures for a business to apply for a certificate of eligibility for the credit and for procedures to apply for a tax credit certificate. Grants the Department of Commerce and Economic Opportunity the powers necessary or convenient to administer the tax credit. Effective immediately.
|Date||Chamber|| Action|| 2/16/2018||Senate||Filed with Secretary by Sen. Paul Schimpf|| 2/16/2018||Senate||First Reading|| 2/16/2018||Senate||Referred to Assignments|| 2/27/2018||Senate||Added as Chief Co-Sponsor Sen. Pamela J. Althoff|| 2/27/2018||Senate||Assigned to Revenue|| 3/1/2018||Senate||Added as Co-Sponsor Sen. Scott M. Bennett|| 4/13/2018||Senate||Rule 2-10 Committee Deadline Established As April 27, 2018|| 4/27/2018||Senate||Rule 2-10 Committee/3rd Reading Deadline Established As May 3, 2018|| 5/3/2018||Senate||Rule 3-9(a) / Re-referred to Assignments|| 1/9/2019||Senate||Session Sine Die|