SB 115

Abstract

Amends the Illinois Income Tax Act. Provides that each taxpayer who employs a long-term unemployed person during the taxable year is entitled to an income tax credit of: (1) $500 in the taxable year in which the long-term unemployed person is initially hired by the taxpayer; (2) $750 in the first taxable year after the long-term unemployed person is initially hired by the taxpayer; and (3) $1,250 in the second taxable year after the long-term unemployed person is initially hired by the taxpayer. Provides that the taxpayer may receive a partial credit if the person is employed by the taxpayer for only part of a taxable year. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.