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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB1078 Introduced , by Rep. Mark L. Walker SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Provides for a credit for taxpayers who hire full-time employees to fill positions at a location in a county with fewer than 250,000 inhabitants. Effective immediately.
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| | A BILL FOR |
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| | HB1078 | | LRB103 05221 SPS 50237 b |
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1 | | AN ACT concerning revenue.
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2 | | Be it enacted by the People of the State of Illinois,
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3 | | represented in the General Assembly:
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4 | | Section 5. The Illinois Income Tax Act is amended by |
5 | | adding Section 240 as follows:
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6 | | (35 ILCS 5/240 new) |
7 | | Sec. 240. Credit for full-time employees in a county with |
8 | | fewer than 250,000 inhabitants. |
9 | | (a) For taxable years beginning on or after January 1, |
10 | | 2023, each taxpayer that hires a full-time employee to fill a |
11 | | position at a location in a county in the State with fewer than |
12 | | 250,000 inhabitants is entitled to a credit against the taxes |
13 | | imposed by subsections (a) and (b) of Section 201 of this Act |
14 | | in an amount not to exceed $5,000 per eligible employee. The |
15 | | credit may be taken for the taxable year in which the employee |
16 | | is hired by the taxpayer and for the next taxable year if the |
17 | | employee remains employed with that taxpayer in the next |
18 | | taxable year. The amount of the credit shall be $5,000 in each |
19 | | taxable year, multiplied by a fraction the numerator of which |
20 | | is the number of days the employee is employed by the taxpayer |
21 | | during the taxable year and the denominator of which is 365. |
22 | | (b) For partners, shareholders of Subchapter S |
23 | | corporations, and owners of limited liability companies, if |