Bill Title: Creates the Business and Employment Development Tax Credit Act. Provides that the Department of Commerce and Economic Opportunity may certify a business as eligible for an income tax credit under the Act and may award credits to certified businesses. Sets forth the amount of the credit, which is calculated as a percentage of the wages paid to new or retained full-time and part-time employees. Provides that the duration of the credit is 5 taxable years, except that the credit may be carried forward for 5 years. Contains provisions concerning recapture of the credit. Amends the Illinois Income Tax Act to make conforming changes. Provides that the Business and Employment Development Tax Credit is exempt from the Act's automatic sunset provision. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Failed) 2019-01-08 - Session Sine Die [HB2744 Detail]

Text: Latest bill text (Introduced) [HTML]

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Sponsors

Name	Type	Sponsorship	District	Financial	Encyclopedia	Biography
Representative Michael Zalewski [D]	Primary	Sponsored Bills	HD-023	FollowTheMoney	Ballotpedia	VoteSmart
Representative Keith Wheeler [R]	Cosponsor	Sponsored Bills	HD-050	FollowTheMoney	Ballotpedia	VoteSmart

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