INC TX-SMALL BUSINESS CREDIT Senate SponsorsSen. Linda Holmes-John J. Millner, Dale A. Righter, David Luechtefeld-Dan Kotowski, A. J. Wilhelmi, Emil Jones, III, Deanna Demuzio, William R. Haine, John M. Sullivan, Toi W. Hutchinson, Heather Steans, Jacqueline Y. Collins, Terry Link, Antonio Muņoz and Ira I. Silverstein 1/12/2011SenateSession Sine Die 35 ILCS 5/219 newAmends the Illinois Income Tax Act. Creates a credit for taxpayers who own and operate a small business in Illinois. Provides that the credit shall be an amount equal to (i) $1,000 for each eligible employee hired during the taxable year or (ii) $1,500 for each eligible employee hired during the taxable year who was receiving unemployment benefits from the State at the time he or she was hired. Provides that the eligible employee must be employed for at least 180 consecutive days. Provides that the taxpayer must have at least a 50% ownership interest in the small business. Provides that the credit may be carried forward for a period of 5 years. Effective immediately. 2/11/2010SenateFiled with Secretary by Sen. Linda Holmes 2/11/2010SenateFirst Reading 2/11/2010SenateReferred to Assignments 2/24/2010SenateAssigned to Commerce 3/4/2010SenateDo Pass Commerce; 008-001-000 3/4/2010SenatePlaced on Calendar Order of 2nd Reading March 9, 2010 3/5/2010SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Linda Holmes 3/5/2010SenateSenate Floor Amendment No. 1 Referred to Assignments 3/9/2010SenateSenate Floor Amendment No. 1 Assignments Refers to Commerce 3/9/2010SenateAdded as Chief Co-Sponsor Sen. John J. Millner 3/9/2010SenateAdded as Co-Sponsor Sen. Dale A. Righter 3/9/2010SenateAdded as Co-Sponsor Sen. David Luechtefeld 3/10/2010SenateAdded as Chief Co-Sponsor Sen. Dan Kotowski 3/11/2010SenateSenate Floor Amendment No. 1 Postponed - Commerce 3/18/2010SenateAdded as Co-Sponsor Sen. A. J. Wilhelmi 3/23/2010SenateAdded as Co-Sponsor Sen. Emil Jones, III 3/23/2010SenateAdded as Co-Sponsor Sen. Deanna Demuzio 3/24/2010SenateAdded as Co-Sponsor Sen. William R. Haine 3/24/2010SenateAdded as Co-Sponsor Sen. John M. Sullivan 3/24/2010SenateAdded as Co-Sponsor Sen. Toi W. Hutchinson 3/24/2010SenateAdded as Co-Sponsor Sen. Heather Steans 3/24/2010SenateAdded as Co-Sponsor Sen. Jacqueline Y. Collins 3/25/2010SenateAdded as Co-Sponsor Sen. Terry Link 3/25/2010SenateAdded as Co-Sponsor Sen. Antonio Muņoz 4/9/2010SenateAdded as Co-Sponsor Sen. Ira I. Silverstein 6/27/2010SenatePursuant to Senate Rule 3-9(b) / Referred to Assignments 6/27/2010SenateSenate Floor Amendment No. 1 Re-referred to Assignments; Pursuant to Senate Rule 3-9(b). 1/12/2011SenateSession Sine Die