Illinois General Assembly - Full Text of HB4329
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Full Text of HB4329  102nd General Assembly

HB4329 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB4329

 

Introduced 1/5/2022, by Rep. Thomas M. Bennett

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/232 new

    Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 10% of the stipend or salary paid by the taxpayer to up to (i) 5 qualified college interns or (ii) 5 qualified high school interns during the taxable year. Provides that no taxpayer may claim more than $5,000 in total credits under that Section for all taxable years combined. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.


LRB102 21980 HLH 31107 b

 

 

A BILL FOR

 

HB4329LRB102 21980 HLH 31107 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by
5adding Section 232 as follows:
 
6    (35 ILCS 5/232 new)
7    Sec. 232. Credit for internship employment.
8    (a) For each taxable year ending on or after December 31,
92022, each taxpayer is entitled to a credit against the tax
10imposed by subsections (a) and (b) of Section 201 of this Act
11in an amount equal to 10% of the stipend or salary paid by the
12taxpayer to up to (i) 5 qualified college interns or (ii) 5
13qualified high school interns during the taxable year. No
14taxpayer may claim more than $5,000 in total credits under
15this Section for all taxable years combined. For partners,
16shareholders of Subchapter S corporations, and owners of
17limited liability companies, if the liability company is
18treated as a partnership for purposes of federal and State
19income taxation, there shall be allowed a credit under this
20Section to be determined in accordance with the determination
21of income and distributive share of income under Sections 702
22and 704 and Subchapter S of the Internal Revenue Code.
23    (b) For purposes of this Section:

 

 

HB4329- 2 -LRB102 21980 HLH 31107 b

1    "Qualified college intern" means an enrolled student at an
2Illinois institution of higher education or a vocational
3technical education program (i) who is seeking a degree or
4certification of completion in a major field of study closely
5related to the work experience performed for the taxpayer,
6(ii) whose internship is taken for academic credit or counts
7toward the completion of a vocational technical education
8program, (iii) who is supervised and evaluated by the
9taxpayer, and (iv) whose position is located in Illinois.
10    "Qualified high school intern" means an enrolled student
11in an Illinois high school whose internship is (i) taken for
12academic credit or counts toward the completion of an
13education program, (ii) supervised and evaluated by the
14taxpayer, and (iii) located in Illinois.
15    (c) In no event shall a credit under this Section reduce
16the taxpayer's liability to less than zero. If the amount of
17the credit exceeds the taxpayer's liability for the taxable
18year, the excess credit amounts may not be carried forward,
19carried back, or refunded to the taxpayer.
20    (d) This Section is exempt from the provisions of Section
21250.
 
22    Section 99. Effective date. This Act takes effect upon
23becoming law.