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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB2585 Introduced , by Rep. Dan Swanson SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Creates an income tax credit for each employer taxpayer in an amount equal to $5,000 for each military spouse hired by the taxpayer during the taxable year. Effective immediately.
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| | A BILL FOR |
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| | HB2585 | | LRB103 25202 HLH 51544 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 217.2 as follows:
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| 6 | | (35 ILCS 5/217.2 new) |
| 7 | | Sec. 217.2. Credit for wages paid to a military spouse. |
| 8 | | (a) For taxable years ending on or after December 31, |
| 9 | | 2024, each taxpayer that is an employer is entitled to a credit |
| 10 | | against the tax imposed by subsections (a) and (b) of Section |
| 11 | | 201 of this Act in an amount equal to $5,000 for each military |
| 12 | | spouse hired by the taxpayer during the taxable year. |
| 13 | | (b) For partners, shareholders of Subchapter S |
| 14 | | corporations, and owners of limited liability companies, if |
| 15 | | the liability company is treated as a partnership for the |
| 16 | | purposes of federal and State income taxation, there shall be |
| 17 | | allowed a credit under this Section to be determined in |
| 18 | | accordance with the determination of income and distributive |
| 19 | | share of income under Sections 702 and 704 and Subchapter S of |
| 20 | | the Internal Revenue Code. |
| 21 | | (c) In no event shall a credit under this Section reduce |
| 22 | | the taxpayer's liability to less than zero. If the amount of |
| 23 | | the credit exceeds the tax liability for the year, the excess |