Full Text of HB5778 100th General Assembly
HB5778 100TH GENERAL ASSEMBLY |
| | 100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018 HB5778 Introduced , by Rep. Katie Stuart SYNOPSIS AS INTRODUCED: |
| |
Amends the Illinois Income Tax Act. Provides that the credit for wages paid to qualified veterans also extends to wages paid to a qualified veteran's spouse. Effective immediately.
|
| |
| | A BILL FOR |
|
| | | HB5778 | | LRB100 17769 HLH 32947 b |
|
| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Illinois Income Tax Act is amended by | 5 | | changing Section 217 as follows: | 6 | | (35 ILCS 5/217)
| 7 | | Sec. 217. Credit for wages paid to qualified veterans and | 8 | | spouses of qualified veterans . | 9 | | (a) For each taxable year beginning on or after January 1, | 10 | | 2007 and ending on or before December 30, 2010, each taxpayer | 11 | | is entitled to a credit against the tax imposed by subsections | 12 | | (a) and (b) of Section 201 of this Act in an amount equal to 5%, | 13 | | but in no event to exceed $600, of the gross wages paid by the | 14 | | taxpayer to a qualified veteran in the course of that veteran's | 15 | | sustained employment during the taxable year. For each taxable | 16 | | year beginning on or after January 1, 2010, each taxpayer is | 17 | | entitled to a credit against the tax imposed by subsections (a) | 18 | | and (b) of Section 201 of this Act in an amount equal to 10%, | 19 | | but in no event to exceed $1,200, of the gross wages paid by | 20 | | the taxpayer to a qualified veteran or the spouse of a | 21 | | qualified veteran in the course of that veteran's or spouse's | 22 | | sustained employment during the taxable year. For partners, | 23 | | shareholders of Subchapter S corporations, and owners of |
| | | HB5778 | - 2 - | LRB100 17769 HLH 32947 b |
|
| 1 | | limited liability companies, if the liability company is | 2 | | treated as a partnership for purposes of federal and State | 3 | | income taxation, there shall be allowed a credit under this | 4 | | Section to be determined in accordance with the determination | 5 | | of income and distributive share of income under Sections 702 | 6 | | and 704 and Subchapter S of the Internal Revenue Code. | 7 | | (b) For purposes of this Section: | 8 | | "Qualified veteran" means an Illinois resident who: (i) was | 9 | | a member of the Armed Forces of the United States, a member of | 10 | | the Illinois National Guard, or a member of any reserve | 11 | | component of the Armed Forces of the United States; (ii) served | 12 | | on active duty in connection with Operation Desert Storm, | 13 | | Operation Enduring Freedom, or Operation Iraqi Freedom; (iii) | 14 | | has provided, to the taxpayer, documentation showing that he or | 15 | | she was honorably discharged; and (iv) was initially hired by | 16 | | the taxpayer on or after January 1, 2007. | 17 | | "Sustained employment" means a period of employment that is | 18 | | not less than 185 days during the taxable year. | 19 | | (c) In no event shall a credit under this Section reduce | 20 | | the taxpayer's liability to less than zero. If the amount of | 21 | | the credit exceeds the tax liability for the year, the excess | 22 | | may be carried forward and applied to the tax liability of the | 23 | | 5 taxable years following the excess credit year. The tax | 24 | | credit shall be applied to the earliest year for which there is | 25 | | a tax liability. If there are credits for more than one year | 26 | | that are available to offset a liability, the earlier credit |
| | | HB5778 | - 3 - | LRB100 17769 HLH 32947 b |
|
| 1 | | shall be applied first.
| 2 | | (d) A taxpayer who claims a credit under this Section for a | 3 | | taxable year with respect to a veteran shall not be allowed a | 4 | | credit under Section 217.1 of this Act with respect to the same | 5 | | veteran for that taxable year. | 6 | | (Source: P.A. 96-101, eff. 1-1-10; 97-767, eff. 7-9-12.)
| 7 | | Section 99. Effective date. This Act takes effect upon | 8 | | becoming law.
|
|