Illinois General Assembly - Full Text of HB0675
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Full Text of HB0675  102nd General Assembly

HB0675 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB0675

 

Introduced 2/8/2021, by Rep. Lance Yednock

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/232 new

    Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 20%, but in no event to exceed $2,000, of the gross wages paid by the taxpayer during the taxable year to each creditable employee. Provides that a "creditable employee" is an employee who: (1) was employed by the taxpayer for the first time on or after the effective date of the amendatory Act; (2) completed his or her twenty-fourth consecutive month of employment with the taxpayer during the taxable year; (3) received unemployment benefits in this State for at least 2 months immediately prior to being hired by the taxpayer; and (4) was employed at a location in this State for at least 30 hours per week during the entire 24-month period of his or her employment with the taxpayer. Effective immediately.


LRB102 03905 HLH 13920 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB0675LRB102 03905 HLH 13920 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. Jobs development incentive tax credit.
8    (a) As used in this Section:
9    "Creditable employee" means an employee of the taxpayer
10who meets all of the following criteria:
11        (1) he or she was employed by the taxpayer for the
12    first time on or after the effective date of this
13    amendatory Act of the 102nd General Assembly;
14        (2) he or she completed his or her twenty-fourth
15    consecutive month of employment with the taxpayer during
16    the taxable year;
17        (3) he or she received unemployment benefits in this
18    State for at least 2 months immediately prior to being
19    hired by the taxpayer; and
20        (4) he or she was employed at a location in this State
21    for at least 30 hours per week during the entire 24-month
22    period of his or her employment with the taxpayer.
23    (b) A taxpayer is entitled to a credit against the taxes

 

 

HB0675- 2 -LRB102 03905 HLH 13920 b

1imposed by subsections (a) and (b) of Section 201 in an amount
2equal to 20%, but in no event to exceed $2,000, of the gross
3wages paid by the taxpayer during the taxable year to each
4creditable employee.
5    (c) If the taxpayer is a partnership, subchapter S
6corporation, or limited liability company with pass-through
7tax treatment, the credit shall be allowed to the partners,
8shareholders, or members in accordance with the determination
9of income and distributive share of income under Sections 702
10and 704 and subchapter S of the Internal Revenue Code.
11    (d) The credit may not be carried back and may not reduce
12the taxpayer's liability to less than zero. If the amount of
13the credit exceeds the tax liability for the year, the excess
14may be carried forward and applied to the tax liability of the
155 taxable years following the excess credit year. The tax
16credit shall be applied to the earliest year for which there is
17a tax liability. If there are credits for more than one year
18that are available to offset the liability, the earlier credit
19shall be applied first.
20    (e) This Section is exempt from the provisions of Section
21250.
 
22    Section 99. Effective date. This Act takes effect upon
23becoming law.