Bill Title: Amends the Property Tax Code. Provides that, for taxing districts in counties with more than 700,000 inhabitants but fewer than 710,000 inhabitants, the limiting rate under the Property Tax Extension Limitation Law shall be the lesser of (i) the limiting rate as otherwise calculated under that Law or (ii) 2.5 times the median aggregate tax rate for all taxing districts within the county. Amends the Illinois Income Tax Act. Creates an income tax credit for businesses in an amount not to exceed $5,000 for each new full-time employee hired by the taxpayer in calendar year 2017 or 2018 to work at a location in a county with more than 700,000 inhabitants but fewer than 710,000 inhabitants. Provides that, of the $5,000 credit amount, (i) $3,000 is allowed as a credit for the taxable year in which the employee was hired if the employee remains employed by the taxpayer on the last day of the taxable year and (ii) $2,000 is allowed as a credit for the following taxable year if the employee remains employed by the employer on the last day of that taxable year. Effective immediately.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Failed) 2019-01-08 - Session Sine Die [HB3160 Detail]

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Bill Drafts

Revision	Date	Format	Source	View
Introduced	2017-02-09	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB3160

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB3160 currently on file.

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