HB 1107

Abstract

Amends the Illinois Income Tax Act. Provides that, beginning with taxable years ending on or after December 31, 2003, each taxpayer that is a small business, defined as a business that (i) has 14 employees or less and (ii) has a gross income, for federal income tax purposes, of $3,000,000 or less in the taxable year, is entitled to an income tax credit in the amount of 50% of the amount spent by the taxpayer in the taxable year, up to a maximum credit of $2,500 in the taxable year, for modifications to or the purchase of assistive devices for people with disabilities to improve their functional capabilities on the job. Provides that the tax credit may not reduce the taxpayer's liability to less than zero but may be carried forward for 5 taxable years. Exempts the credit from the sunset provisions of the Act. Effective immediately.