HB4857 101ST GENERAL ASSEMBLY

LRB101 16930 HLH 66330 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
HB4857

Introduced 2/18/2020, by Rep. Michael T. Marron

SYNOPSIS AS INTRODUCED:

35 ILCS 5/232 new

Amends the Illinois Income Tax Act. Creates an income tax credit in the amount of $1,000 to a taxpayer that employs a qualifying employee who currently participates in a Moving to Work program in the State. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 232 as follows:

(35 ILCS 5/232 new)

Sec. 232. Moving for Work.

(a) For taxable years beginning on or after January 1, 2020, there shall be allowed a credit against the tax imposed by subsection (a) and (b) of Section 201 of this Act in an amount equal to $1,000 to a taxpayer that employs a qualifying employee who currently participates in a Moving to Work program in the State of Illinois.

(b) In no event shall a credit under this subsection reduce a taxpayer's liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability for the 5 taxable years following the excess credit year. The tax credit shall be applied to the earliest year for which there is a tax liability. If there are credits for more than one year that are available to offset liability, the earlier credit shall be applied first.

(c) The Illinois Housing Development Authority, in collaboration with the Department of Revenue, shall adopt rules to implement the provisions of this Section.

(d) For the purposes of this Section, "qualifying employee" means an Illinois resident who is employed by the taxpayer and who participates in a Moving to Work program in the State of Illinois that is administered by a public housing authority in the State of Illinois as part of a federal United States Department of Housing and Urban Development program.

(e) This Section is exempt from the provisions of Section 250.

Section 99. Effective date. This Act takes effect upon becoming law.