Bill Status of HB6013 98th General Assembly
Short Description: INC TX-HIGH UNEMPLOYMENT
Rep. Bill Mitchell - John D. Cavaletto - Michael W. Tryon - Chad Hays - Ron Sandack
| 12/3/2014||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Creates a deduction in an amount equal to workers' compensation costs incurred by the taxpayer that are attributable to employees of the taxpayer who are employed at a location in a county with high unemployment. Creates a credit for taxpayers who (i) are not otherwise entitled to a tax credit under the Economic Development for a Growing Economy Tax Credit Act and (ii) employ at least 5 new employees at a project location in a county with high unemployment. Provides that the amount of the credit shall be determined by multiplying the taxpayer's income tax rate by the average wage of the new employees and then multiplying the result by the number of new employees.