Bill > HB1799

This bill amends the Illinois Income Tax Act to create a new tax credit for businesses that employ seniors, specifically targeting workers who are 62 years of age or older. Under the proposed legislation, businesses can claim a $2,500 tax credit for each qualifying senior employee who works at a location in Illinois for at least 185 days during the taxable year, starting from January 1, 2026. The credit applies to various business structures, including partnerships, Subchapter S corporations, and limited liability companies, with the credit allocation determined according to federal income tax rules. If the credit amount exceeds the business's tax liability for a given year, the excess can be carried forward and applied to tax liabilities in the subsequent five years, with earlier credits being applied first. Importantly, the bill exempts this tax credit from the state's standard automatic sunset provision, which means the credit will remain in effect unless specifically repealed, potentially providing a long-term incentive for businesses to hire and retain senior workers.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1799&GAID=18&DocTypeID=HB&SessionID=114&GA=104