Bill Text: IL HB5759 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 20%, but in no event to exceed $2,000, of the gross wages paid by the taxpayer during the taxable year to each creditable employee. Provides that a "creditable employee" is an employee who: (1) was employed by the taxpayer for the first time on or after the effective date of the amendatory Act; (2) completed his or her twenty-fourth consecutive month of employment with the taxpayer during the taxable year; (3) received unemployment benefits in this State for at least 2 months immediately prior to being hired by the taxpayer; and (4) was employed at a location in this State for at least 30 hours per week during the entire 24-month period of his or her employment with the taxpayer. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2018-05-16 - Added Co-Sponsor Rep. Justin Slaughter [HB5759 Detail]

Download: Illinois-2017-HB5759-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
HB5759

Introduced , by Rep. Monica Bristow

SYNOPSIS AS INTRODUCED:
35 ILCS 5/227 new

Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to 20%, but in no event to exceed $2,000, of the gross wages paid by the taxpayer during the taxable year to each creditable employee. Provides that a "creditable employee" is an employee who: (1) was employed by the taxpayer for the first time on or after the effective date of the amendatory Act; (2) completed his or her twenty-fourth consecutive month of employment with the taxpayer during the taxable year; (3) received unemployment benefits in this State for at least 2 months immediately prior to being hired by the taxpayer; and (4) was employed at a location in this State for at least 30 hours per week during the entire 24-month period of his or her employment with the taxpayer. Effective immediately.
LRB100 18047 HLH 33236 b
FISCAL NOTE ACT MAY APPLY

A BILL FOR

HB5759LRB100 18047 HLH 33236 b
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 227 as follows:
6 (35 ILCS 5/227 new)
7 Sec. 227. Jobs development incentive tax credit.
8 (a) As used in this Section:
9 "Creditable employee" means an employee of the taxpayer who
10meets all of the following criteria:
11 (1) he or she was employed by the taxpayer for the
12 first time on or after the effective date of this
13 amendatory Act of the 100th General Assembly;
14 (2) he or she completed his or her twenty-fourth
15 consecutive month of employment with the taxpayer during
16 the taxable year;
17 (3) he or she received unemployment benefits in this
18 State for at least 2 months immediately prior to being
19 hired by the taxpayer; and
20 (4) he or she was employed at a location in this State
21 for at least 30 hours per week during the entire 24-month
22 period of his or her employment with the taxpayer.
23 (b) A taxpayer is entitled to a credit against the taxes

HB5759- 2 -LRB100 18047 HLH 33236 b
1imposed by subsections (a) and (b) of Section 201 in an amount
2equal to 20%, but in no event to exceed $2,000, of the gross
3wages paid by the taxpayer during the taxable year to each
4creditable employee.
5 (c) If the taxpayer is a partnership, subchapter S
6corporation, or limited liability company with pass-through
7tax treatment, the credit shall be allowed to the partners,
8shareholders, or members in accordance with the determination
9of income and distributive share of income under Sections 702
10and 704 and subchapter S of the Internal Revenue Code.
11 (d) The credit may not be carried back and may not reduce
12the taxpayer's liability to less than zero. If the amount of
13the credit exceeds the tax liability for the year, the excess
14may be carried forward and applied to the tax liability of the
155 taxable years following the excess credit year. The tax
16credit shall be applied to the earliest year for which there is
17a tax liability. If there are credits for more than one year
18that are available to offset the liability, the earlier credit
19shall be applied first.
20 (e) 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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