Bill Text: IL HB0390 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 10% of the stipend or salary paid by the taxpayer to up to (i) 5 qualified college interns or (ii) 5 qualified high school interns during the taxable year. Provides that no taxpayer may claim more than $5,000 in total credits under that Section for all taxable years combined. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Failed) 2019-01-08 - Session Sine Die [HB0390 Detail]

Download: Illinois-2017-HB0390-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB0390 Introduced , by Rep. Thomas M. Bennett SYNOPSIS AS INTRODUCED:
35 ILCS 5/224 new
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 10% of the stipend or salary paid by the taxpayer to up to (i) 5 qualified college interns or (ii) 5 qualified high school interns during the taxable year. Provides that no taxpayer may claim more than $5,000 in total credits under that Section for all taxable years combined. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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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 224 as follows:
(35 ILCS 5/224 new)
Sec. 224. Credit for internship employment.
(a) For each taxable year ending on or after December 31,
2016, each taxpayer is entitled to a credit against the tax
imposed by subsections (a) and (b) of Section 201 of this Act
in an amount equal to 10% of the stipend or salary paid by the
taxpayer to up to (i) 5 qualified college interns or (ii) 5
qualified high school interns during the taxable year. No
taxpayer may claim more than $5,000 in total credits under this
Section for all taxable years combined. For partners,
shareholders of Subchapter S corporations, and owners of
limited liability companies, if the liability company is
treated as a partnership for purposes of federal and State
income taxation, there shall be allowed a credit under this
Section to be determined in accordance with the determination
of income and distributive share of income under Sections 702
and 704 and Subchapter S of the Internal Revenue Code.
(b) For purposes of this Section:

HB0390 - 2 - LRB100 05524 HLH 15537 b
"Qualified college intern" means an enrolled student at an
Illinois institution of higher education or a vocational
technical education program (i) who is seeking a degree or
certification of completion in a major field of study closely
related to the work experience performed for the taxpayer, (ii)
whose internship is taken for academic credit or counts toward
the completion of a vocational technical education program,
(iii) who is supervised and evaluated by the taxpayer, and (iv)
whose position is located in Illinois.
"Qualified high school intern" means an enrolled student in
an Illinois high school whose internship is (i) taken for
academic credit or counts toward the completion of an education
program, (ii) supervised and evaluated by the taxpayer, and
(iii) located in Illinois.
(c) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero. If the amount of
the credit exceeds the taxpayer's liability for the taxable
year, the excess credit amounts may not be carried forward,
carried back, or refunded to the taxpayer.
(d) This Section is exempt from the provisions of Section
250.
Section 99. Effective date. This Act takes effect upon
becoming law.