Illinois House Bill 4773 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on February 10 2020 - 25% progression, died in committee
Action: 2020-02-18 - Referred to Rules Committee
Pending: House Rules Committee
Text: Latest bill text (Introduced) [HTML]

Amends the Small Business Job Creation Tax Credit Act. Creates a second set of incentive periods beginning on July 1, 2020 and ending on June 30, 2026. Provides that the basic wage for the second set of incentive periods is $15 per hour. Provides that the credit may not exceed $2,500 per new employee hired, except that, if the new employee is a returning citizen, then the credit for that employee may not exceed $3,500. Provides that the term "returning citizen" means an individual who (i) is a resident of Illinois, (ii) was formerly incarcerated in a federal, State, or local correctional institution, and (iii) is a new employee. Provides that the aggregate amount of credits that may be awarded under the Act is (i) $50,000,000 for new employees other than returning citizens and (ii) $5,000,000 for returning citizens. Adds provisions concerning recapture of the credit if the employee is terminated by the taxpayer within one year after the credit is awarded. Effective immediately.

SMALL BUSINESS-INCENTIVES

Rep. Curtis Tarver [D]

Date	Chamber	Action
2020-02-18	House	Referred to Rules Committee
2020-02-18	House	First Reading
2020-02-10	House	Filed with the Clerk by Rep. Curtis J. Tarver, II

Chapter	Article	Section	Citation Type	Statute Text
35	25	10	Amended Code	Citation Text
35	25	25	Amended Code	Citation Text
35	25	30	Amended Code	Citation Text
35	25	35	Amended Code	Citation Text
35	25	45	Amended Code	Citation Text

Type	Source
Summary	https://www.ilga.gov/legislation/BillStatus.asp?DocNum=4773&GAID=15&DocTypeID=HB&SessionID=108&GA=101
Text	https://www.ilga.gov/legislation/101/HB/10100HB4773.htm