Full Text of SB2046 96th General Assembly
SB2046enr 96TH GENERAL ASSEMBLY
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SB2046 Enrolled |
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LRB096 11293 HLH 21722 b |
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| AN ACT concerning revenue.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 5. The Illinois Income Tax Act is amended by | 5 |
| changing Section 217 as follows: | 6 |
| (35 ILCS 5/217)
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| Sec. 217. Credit for wages paid to qualified veterans. | 8 |
| (a) For each taxable year beginning on or after January 1, | 9 |
| 2007 and ending on or before December 30, 2010 , each taxpayer | 10 |
| is entitled to a credit against the tax imposed by subsections | 11 |
| (a) and (b) of Section 201 of this Act in an amount equal to 5%, | 12 |
| but in no event to exceed $600, of the gross wages paid by the | 13 |
| taxpayer to a qualified veteran in the course of that veteran's | 14 |
| sustained employment during the taxable year. For each taxable | 15 |
| year beginning on or after January 1, 2010, each taxpayer is | 16 |
| entitled to a credit against the tax imposed by subsections (a) | 17 |
| and (b) of Section 201 of this Act in an amount equal to 10%, | 18 |
| but in no event to exceed $1,200, of the gross wages paid by | 19 |
| the taxpayer to a qualified veteran in the course of that | 20 |
| veteran's sustained employment during the taxable year. For | 21 |
| partners, shareholders of Subchapter S corporations, and | 22 |
| owners of limited liability companies, if the liability company | 23 |
| is treated as a partnership for purposes of federal and State |
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SB2046 Enrolled |
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LRB096 11293 HLH 21722 b |
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| income taxation, there shall be allowed a credit under this | 2 |
| Section to be determined in accordance with the determination | 3 |
| of income and distributive share of income under Sections 702 | 4 |
| and 704 and Subchapter S of the Internal Revenue Code. | 5 |
| (b) For purposes of this Section: | 6 |
| "Qualified veteran" means an Illinois resident who: (i) was | 7 |
| a member of the Armed Forces of the United States, a member of | 8 |
| the Illinois National Guard, or a member of any reserve | 9 |
| component of the Armed Forces of the United States; (ii) served | 10 |
| on active duty in connection with Operation Desert Storm, | 11 |
| Operation Enduring Freedom, or Operation Iraqi Freedom; (iii) | 12 |
| has provided, to the taxpayer, documentation showing that he or | 13 |
| she was honorably discharged; and (iv) was initially hired by | 14 |
| the taxpayer on or after January 1, 2007. | 15 |
| "Sustained employment" means a period of employment that is | 16 |
| not less than 185 days during the taxable year. | 17 |
| (c) In no event shall a credit under this Section reduce | 18 |
| the taxpayer's liability to less than zero. If the amount of | 19 |
| the credit exceeds the tax liability for the year, the excess | 20 |
| may be carried forward and applied to the tax liability of the | 21 |
| 5 taxable years following the excess credit year. The tax | 22 |
| credit shall be applied to the earliest year for which there is | 23 |
| a tax liability. If there are credits for more than one year | 24 |
| that are available to offset a liability, the earlier credit | 25 |
| shall be applied first.
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| (Source: P.A. 94-1067, eff. 8-1-06.)
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