SB 3950

Abstract

Amends the Small Business Job Creation Tax Credit Act. Makes it possible for a person who operates an Illinois business having between 51 and 75 full-time employees to apply for the Small Business Job Creation Tax Credit. (Previously, only persons operating an Illinois business having 50 or fewer employees were eligible to apply for that credit.) Extends the incentive period from June 30, 2011 to June 30, 2012, if the seasonally adjusted unemployment rate of the State of Illinois for the month of May 2011 is 7.0% or higher, as reported by the Illinois Department of Employment Security. Raises the cap on the credit from $2,500 to $3,500 for each new employee hired. Changes the manner in which the net increase in full-time Illinois employees is calculated in the event that the incentive period is extended. Effective immediately.