[ Search ] [ Legislation ] [ Bill Summary ]
[ Home ] [ Back ] [ Bottom ]
90_HB3681
35 ILCS 5/211 new
Amends the Illinois Income Tax Act. Creates a credit
against the taxes imposed under the Act for employers that
hire and continuously employ full-time for a period of at
least one year a person who has obtained a baccalaureate or
post-baccalaureate degree from a public or private college or
university in Illinois within 2 years after the employee's
degree is awarded. Provides that the credit shall be an
amount equal to 10% of the employee's salary. Provides that
the employer may claim the credit for 2 years for each
employee that meets the requirements of this credit.
Provides that any excess credit may be carried forward for
one taxable year. Provides that this credit is available for
taxable years beginning on or after January 1, 1998. Exempts
the credit from the sunset provisions.
LRB9010919KDks
LRB9010919KDks
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. The HIRE Illinois tax credit. For taxable years
9 beginning on or after January 1, 1998, a taxpayer that hires,
10 and continuously employs full-time for a period of at least
11 one year, a person who has obtained a baccalaureate degree or
12 post-baccalaureate degree from a public or private college or
13 university in Illinois within 2 years after the employee's
14 degree is awarded is entitled to a credit against the taxes
15 imposed under this Act in an amount equal to 10% of the
16 employee's salary. The taxpayer may claim this credit in the
17 first 2 taxable years following the taxable year in which the
18 employee was hired and may claim a credit for each employee
19 that meets the requirement of this Section. If the amount of
20 the credit exceeds the tax liability for the year, the excess
21 may be carried forward and applied to the tax liability of
22 the taxable year following the excess credit year. In no
23 event shall a credit under this Section reduce the taxpayer's
24 liability to less than zero. This Section is exempt from the
25 provisions of Section 250.