Bill Status of SB2523 100th General Assembly
Short Description: INC TX-HUBZONE-SMALL BUSINESS
Sen. Steve Stadelman
| 2/7/2018||Senate||Assigned to Revenue|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Provides that each taxpayer who is employed by a business that would qualify as a federal HUBZone small business concern but for the fact that fewer than 35% of its employees reside within a federal HUBZone is eligible for an income tax credit in the amount of $500 if the employee first moves into a federal HUBZone during the taxable year. Effective immediately.