HB 3261

Abstract

Amends the Illinois Income Tax Act. Creates a credit for each business that is newly established in the State or that relocates to the State during the taxable year or the previous taxable year. The taxpayer is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 in an amount equal to 10% of the wages paid by the business during the taxable year to full-time employees who are residents of Illinois. Creates a credit for other businesses that increase their total full-time employment head count during the taxable year by at least 10 employees in an amount equal to 10% of the wages paid by the business during the taxable year to each resident of Illinois that is first hired by the business during the taxable year.