Bill Text: IL HB4608 | 2013-2014 | 98th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates a credit for taxpayers that operate a Youthbuild program in the State during the taxable year. Sets forth the amount of the credit. Provides that, if the amount of the credit exceeds the taxpayer's income tax liability for the applicable tax year, then the excess credit shall be refunded to the taxpayer. Provides that the credit is exempt from the Act's automatic sunset provision.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2014-12-03 - Session Sine Die [HB4608 Detail]

Download: Illinois-2013-HB4608-Introduced.html

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98TH GENERAL ASSEMBLY State of Illinois 2013 and 2014 HB4608 Introduced , by Rep. Derrick Smith SYNOPSIS AS INTRODUCED:
35 ILCS 5/224 new
Amends the Illinois Income Tax Act. Creates a credit for taxpayers that operate a Youthbuild program in the State during the taxable year. Sets forth the amount of the credit. Provides that, if the amount of the credit exceeds the taxpayer's income tax liability for the applicable tax year, then the excess credit shall be refunded to the taxpayer. Provides that the credit is exempt from the Act's automatic sunset provision.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by adding
Section 224 as follows:
(35 ILCS 5/224 new)
Sec. 224. Youthbuild credit.
(a) Each taxpayer that operates a Youthbuild program in the
State during the taxable year is allowed a credit against the
tax imposed by subsections (a) and (b) of Section 201 as
provided in this Section. For each eligible participant hired
by the taxpayer during the taxable year as a full-time
employee, the taxpayer is entitled to a credit of (i) $500 for
each of the first 6 months during which the eligible
participant is employed by the taxpayer and (ii) an additional
$1,000 if the eligible participant remains employed by the
taxpayer for a continuous period of at least 6 months after his
or her initial 6 months of employment with the taxpayer. For
each eligible participant hired by the taxpayer during the
taxable year as a part-time employee, the taxpayer is entitled
to a credit of (i) $250 for each of the first 6 months during
which the eligible participant is employed by the taxpayer and
(ii) an additional $500 if the eligible participant remains

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employed by the taxpayer for a continuous period of at least 6
months after his or her initial 6 months of employment with the
taxpayer.
(b) If the amount of the credit awarded under this Section
exceeds the taxpayer's income tax liability for the applicable
tax year, then the excess credit shall be refunded to the
taxpayer.
(c) For the purposes of this Section:
"Eligible participant" has the meaning ascribed to that
term in Section 25 of the Illinois Youthbuild Act.
"Full-time employee" means an eligible participant hired
by the taxpayer for 35 hours or more hours per week.
"Part-time employee" means an eligible participant hired
by the taxpayer for 20 or more but less than 35 hours per week.
"Youthbuild program" has the meaning ascribed to that term
in Section 10 of the Illinois Youthbuild Act.
(d) This Section is exempt from the provisions of Section
250.