Bill Text: IL SB3390 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates a credit in an amount equal to: (i) 100% of the cost of unemployment insurance and worker's compensation paid during the taxable year for each employee hired by the taxpayer during the taxable year and (ii) 50% of the cost of unemployment insurance and worker's compensation paid during the taxable year for each employee hired by the taxpayer during the previous taxable year. Effective immediately.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2013-01-08 - Session Sine Die [SB3390 Detail]

Download: Illinois-2011-SB3390-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 SB3390 Introduced 2/7/2012, by Sen. Carole Pankau SYNOPSIS AS INTRODUCED:
35 ILCS 5/223 new
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to: (i) 100% of the cost of unemployment insurance and worker's compensation paid during the taxable year for each employee hired by the taxpayer during the taxable year and (ii) 50% of the cost of unemployment insurance and worker's compensation paid during the taxable year for each employee hired by the taxpayer during the previous taxable year. Effective immediately.
LRB097 19871 HLH 65154 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
SB3390 LRB097 19871 HLH 65154 b
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 223 as follows:
(35 ILCS 5/223 new)
Sec. 223. Credit for unemployment and worker's
compensation.
(a) For taxable years ending on or after December 31, 2012,
each taxpayer is entitled to a credit against the taxes imposed
under subsections (a) and (b) of Section 201 of this Act in an
amount equal to 100% of the cost of unemployment insurance and
worker's compensation paid during the taxable year for each
employee hired by the taxpayer during the taxable year. In
addition, for taxable years ending on or after December 31,
2012, each taxpayer is entitled to a credit against the taxes
imposed under subsections (a) and (b) of Section 201 of this
Act in an amount equal to 50% of the cost of unemployment
insurance and worker's compensation paid during the taxable
year for each employee hired by the taxpayer during the
previous taxable year.
(b) The tax credit may not reduce the taxpayer's liability
to less than zero. If the amount of the tax credit exceeds the

SB3390 - 2 - LRB097 19871 HLH 65154 b
tax liability for the year, the excess may be carried forward
and applied to the tax liability of the 5 taxable years
following the excess credit year. The credit must be applied to
the earliest year for which there is a tax liability. If there
are credits from more than one tax year that are available to
offset a liability, then the earlier credit must be applied
first.
Section 99. Effective date. This Act takes effect upon
becoming law.