HB 1160

Abstract

Amends the Illinois Income Tax Act. Creates the Hire Illinois Tax Credit. Provides that a business is eligible for a $1,500 tax credit for each recent graduate of an Illinois college or university it hires within a taxable year. Provides that the Department of Commerce and Economic Opportunity shall limit the monetary amount of these tax credits to $15,000,000. Provides for procedures for a business to apply for a certificate of eligibility for the credit and for procedures to apply for a tax credit certificate. Provides that a business shall submit a copy of the tax credit certificate to the Department of Revenue with its return. Grants the Department of Commerce and Economic Opportunity powers necessary or convenient to administer the tax credit. Applies only to taxable years 2011 and 2012. Effective immediately.