Bill Status of SB0097 9th General Assembly
Short Description: BUSINESS TAX CREDIT-INCREASE
Sen. John G. Mulroe - Jacqueline Y. Collins - Ira I. Silverstein - Dan Kotowski, Michael W. Frerichs, Linda Holmes and Annazette R. Collins
| 1/8/2013||Senate||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Small Business Job Creation Tax Credit Act. Provides that a person who operates an Illinois business having 75 or fewer full-time employees (instead of 50 or fewer full-time employees) may apply for the Small Business Job Creation Tax Credit. Extends the incentive period from June 30, 2011 to June 30, 2012, if the seasonally adjusted unemployment rate of the State of Illinois for the month of May 2011 is 7.0% or higher, as reported by the Illinois Department of Employment Security. Raises the cap on the credit from $2,500 to $3,500 for each new employee hired. Changes the manner in which the net increase in full-time Illinois employees is calculated in the event that the incentive period is extended. Contains provisions concerning the applicability of the credit to employers that contract with a Professional Employer Organization. Effective immediately.