IL HB3574 | 2011-2012 | 97th General Assembly

Status

Completed Legislative Action
Sponsorship: Partisan Bill (Republican 13)
Status: Failed on January 8 2013 - 100% progression
Action: 2013-01-08 - Session Sine Die
Text: Latest bill text (Introduced) [HTML]

Summary

Amends the Illinois Income Tax Act. Provides that a taxpayer who owns and operates a business in Illinois shall be allowed a credit against the tax imposed by subsections (a) and (b) of Section 201 in the amount of $3,750 per employee hired by the taxpayer and retained for 2 years. Provides that the credit may be allowed in the amount of $2,500 in the year the employee is hired and in the amount of $1,250 in the second year of employment. Provides that if the amount of the credit exceeds the taxpayer's liability for the taxable year, the excess may be carried forward and applied to the tax liability of the next 5 years. Effective immediately.

Tracking Information

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Title

INC TX-JOB CREATION CREDIT

Sponsors


History

DateChamberAction
2013-01-08HouseSession Sine Die
2011-03-17HouseRule 19(a) / Re-referred to Rules Committee
2011-03-03HouseAssigned to Revenue & Finance Committee
2011-02-24HouseReferred to Rules Committee
2011-02-24HouseFirst Reading
2011-02-24HouseCo-Sponsor Rep. Jil Tracy
2011-02-24HouseCo-Sponsor Rep. Sandra M. Pihos
2011-02-24HouseCo-Sponsor Rep. Darlene J. Senger
2011-02-24HouseCo-Sponsor Rep. Patricia R. Bellock
2011-02-24HouseCo-Sponsor Rep. Ren
2011-02-24HouseCo-Sponsor Rep. Jason Barickman
2011-02-24HouseCo-Sponsor Rep. Sidney H. Mathias
2011-02-24HouseCo-Sponsor Rep. Pam Roth
2011-02-24HouseChief Co-Sponsor Rep. John D. Cavaletto
2011-02-24HouseChief Co-Sponsor Rep. Sidney H. Mathias
2011-02-24HouseChief Co-Sponsor Changed to Rep. Adam Brown
2011-02-24HouseChief Co-Sponsor Rep. Dwight Kay
2011-02-24HouseFiled with the Clerk by Rep. Thomas Morrison

Code Citations

ChapterArticleSectionCitation TypeStatute Text
355221New CodeSee Bill Text

Illinois State Sources


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