Bill Text: IL HB0390 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 10% of the stipend or salary paid by the taxpayer to up to (i) 5 qualified college interns or (ii) 5 qualified high school interns during the taxable year. Provides that no taxpayer may claim more than $5,000 in total credits under that Section for all taxable years combined. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.

Spectrum: Bipartisan Bill

Status: (Introduced) 2017-03-31 - Rule 19(a) / Re-referred to Rules Committee [HB0390 Detail]

Download: Illinois-2017-HB0390-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB0390

Introduced , by Rep. Thomas M. Bennett

SYNOPSIS AS INTRODUCED:
35 ILCS 5/224 new

Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 10% of the stipend or salary paid by the taxpayer to up to (i) 5 qualified college interns or (ii) 5 qualified high school interns during the taxable year. Provides that no taxpayer may claim more than $5,000 in total credits under that Section for all taxable years combined. Provides that the credit is exempt from the Act's automatic sunset provision. Effective immediately.
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FISCAL NOTE ACT MAY APPLY

A BILL FOR

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1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Income Tax Act is amended by adding
5Section 224 as follows:
6 (35 ILCS 5/224 new)
7 Sec. 224. Credit for internship employment.
8 (a) For each taxable year ending on or after December 31,
92016, each taxpayer is entitled to a credit against the tax
10imposed by subsections (a) and (b) of Section 201 of this Act
11in an amount equal to 10% of the stipend or salary paid by the
12taxpayer to up to (i) 5 qualified college interns or (ii) 5
13qualified high school interns during the taxable year. No
14taxpayer may claim more than $5,000 in total credits under this
15Section for all taxable years combined. For partners,
16shareholders of Subchapter S corporations, and owners of
17limited liability companies, if the liability company is
18treated as a partnership for purposes of federal and State
19income taxation, there shall be allowed a credit under this
20Section to be determined in accordance with the determination
21of income and distributive share of income under Sections 702
22and 704 and Subchapter S of the Internal Revenue Code.
23 (b) For purposes of this Section:

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1 "Qualified college intern" means an enrolled student at an
2Illinois institution of higher education or a vocational
3technical education program (i) who is seeking a degree or
4certification of completion in a major field of study closely
5related to the work experience performed for the taxpayer, (ii)
6whose internship is taken for academic credit or counts toward
7the completion of a vocational technical education program,
8(iii) who is supervised and evaluated by the taxpayer, and (iv)
9whose position is located in Illinois.
10 "Qualified high school intern" means an enrolled student in
11an Illinois high school whose internship is (i) taken for
12academic credit or counts toward the completion of an education
13program, (ii) supervised and evaluated by the taxpayer, and
14(iii) located in Illinois.
15 (c) In no event shall a credit under this Section reduce
16the taxpayer's liability to less than zero. If the amount of
17the credit exceeds the taxpayer's liability for the taxable
18year, the excess credit amounts may not be carried forward,
19carried back, or refunded to the taxpayer.
20 (d) This Section is exempt from the provisions of Section
21250.
22 Section 99. Effective date. This Act takes effect upon
23becoming law.
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