Bill Status of HB3735 95th General Assembly
Short Description: INC TX-JOB CREATION CREDIT
Rep. Fred Crespo, David E. Miller, Milton Patterson, Esther Golar and Wyvetter H. Younge
| 1/13/2009||House||Session Sine Die|
Statutes Amended In Order of Appearance
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 qualified wages to one or more net new employees. Sets the amount of the credit at the amount of Illinois income taxes withheld by the taxpayer with respect to a net new 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. Defines "qualified wages" as wages or salary of at least $22,000 but not more than $40,000 per year. Effective immediately.