HB5639 98TH GENERAL ASSEMBLY

LRB098 18878 HLH 54024 b

98TH GENERAL ASSEMBLY
State of Illinois
2013 and 2014
HB5639

Introduced , by Rep. William Davis

SYNOPSIS AS INTRODUCED:

35 ILCS 5/247 new

Amends the Illinois Income Tax Act. Provides that, whenever a taxpayer is required to create or retain a specified number of jobs in order to receive an income tax or withholding credit, that taxpayer shall report certain employment data to the Department of Employment Security, and the Department shall post the information on its website.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 247 as follows:

(35 ILCS 5/247 new)

Sec. 247. Verification of employment data. Notwithstanding any other provision of law, whenever a taxpayer is required to create or retain a specified number of jobs in order to receive a credit against either the tax imposed by subsections (a) and (b) of Section 201 or withholding payments due under Section 704A, including, but not limited to credits awarded under the Economic Development for a Growing Economy Tax Credit Act, then, no later than 60 days after the last day of the taxable year in which the taxpayer receives the credit, the taxpayer shall report to the Department of Employment Security the total number of jobs actually created and retained during the previous taxable year as well as the job title of each position created or retained and the total payroll attributable to those positions. The Department of Employment Security shall post this information on its website.