Bill > HB5772

This bill amends the Income Tax Act of 1967 by adding a new section 714. The key provisions are: 1. For tax years beginning on or after January 1, 2024, tax-exempt organizations (under section 501(c) of the Internal Revenue Code) can claim a work opportunity tax credit against the withholding taxes they are required to remit to the state. The credit amount is equal to 50% of the federal work opportunity tax credit the employer is allowed to claim for that same tax year. 2. The employer must exclude from the credit calculation any amounts attributable to employees who were not "qualified employees" or any carry-forward/carry-back credits. 3. The employer must claim the credit on the annual withholding tax return or report filed with the state. 4. If the credit exceeds the employer's withholding tax liability, the excess cannot be refunded. 5. The bill will only take effect if a related bill (Senate Bill No. ____ or House Bill No. 5771) is also enacted into law.