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90_HB1340
35 ILCS 5/211 new
Amends the Illinois Income Tax Act. Creates an income
tax credit equal to 5% of a business' taxable income for
every taxpayer that operates a business that (i) employed at
least 20 full-time employees for the entire preceding taxable
year, (ii) located, during the taxable year, in a county with
an annual average unemployment rate that is at least 1.5
times the Statewide average annual unemployment rate for
1996, and (iii) is a new business or was located outside
Illinois for at least the preceding 2 taxable years.
Provides that the credit shall not reduce the taxpayer's
liability to less than zero. Sunsets the credit after 10
years.
LRB9004847DNmb
LRB9004847DNmb
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. Economic revitalization tax credit. Beginning
9 with taxable years beginning on or after January 1, 1997 and
10 ending with taxable years ending on or before December 30,
11 2007, every taxpayer that operates a business that (i)
12 employed at least 20 full-time employees for the entire
13 preceding taxable year, (ii) located, during the taxable
14 year, in a county with an annual average unemployment rate
15 that is at least 1.5 times the Statewide average annual
16 unemployment rate for 1996, and (iii) is a new business or
17 was located outside Illinois for at least the preceding 2
18 taxable years is entitled to a credit against the taxes
19 imposed by subsections (a) and (b) of Section 201 equal to 5%
20 of the business' taxable income. This credit shall not
21 reduce the taxpayer's tax liability to less than zero.