Bill Title: Amends the Illinois Income Tax Act. Provides that each business that employs 20 or fewer employees during the taxable year is entitled to a credit in an amount equal to (i) 25% of the qualified first-year wages, not to exceed $6,000, paid to each qualified employee who worked at least 120 hours but less than 400 hours during the taxable year, and (ii) 40% of the qualified first-year wages, not to exceed $6,000, paid to each qualified employee who worked at least 400 hours during the taxable year. Provides that the term "qualified employee" means a person who (i) is a member of a targeted group, as defined under the federal Work Opportunity Tax Credit, and (ii) was employed by the taxpayer for a period of exactly 12 consecutive months at any point during the taxable year. Effective immediately.

Spectrum: Partisan Bill (Democrat 7-0)

Status: (Failed) 2014-12-03 - Session Sine Die [HB2827 Detail]

Text: Latest bill text (Introduced) [HTML]

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