Bill Title: Reinserts the provisions of Senate Amendment No. 1 with the following changes: Requires the Department of Human Services to maintain an electronic listing of the certificates of tax credit issued by which the Department of Revenue may verify tax credit certificates issued to qualifying employers. Provides that the tax credit authorized under the Act may not be carried forward. Provides that a taxpayer who is a qualified employer who has received a certificate of tax credit from the Department shall be allowed a credit against the tax imposed equal to the amount shown on such certificate of tax credit. Provides that if the taxpayer is a partnership or Subchapter S corporation the credit shall be allowed to the partners or shareholders in accordance with the determination of income and distributive share of income as provided under specified provisions of the Internal Revenue Code. Makes other changes. Amends the Illinois Income Tax Act. Provides that for taxable years beginning on or after January 1, 2023, a taxpayer who has been awarded a credit under the Recovery and Mental Health Tax Credit Act is entitled to a credit against the tax imposed under specified provisions of the Illinois Income Tax Act.

Spectrum: Partisan Bill (Democrat 24-0)

Status: (Engrossed - Dead) 2022-04-01 - Added as Co-Sponsor Sen. Cristina H. Pacione-Zayas [SB3882 Detail]

Text: Latest bill text (Engrossed) [HTML]

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