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92_HB0167 LRB9201100RCcd 1 AN ACT concerning unemployment insurance. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Unemployment Insurance Act is amended by 5 adding Section 232.2 as follows: 6 (820 ILCS 405/232.2 new) 7 Sec. 232.2. Officer of Subchapter S Corporation. The 8 term "employment" does not include services performed by an 9 officer of a corporation organized as a Subchapter S 10 corporation if the only stockholders and employees of the 11 corporation are officers of the corporation. Subchapter S 12 corporation. As used in this Section, "Subchapter S 13 corporation" means a corporation for which there is in effect 14 an election under Section 1362 of the Internal Revenue 15 Code, or for which there is a federal election to opt out of 16 the provisions of the Subchapter S Revision Act of 1982 and 17 have applied instead the prior federal Subchapter S rules as 18 in effect on July 1, 1982.
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