Bill > SB1505

This bill amends the Small Business Job Creation Tax Credit Act to renew and extend the small business tax credit program for a new series of incentive periods from July 1, 2025, to June 30, 2032. The bill makes several key changes to the existing law, including modifying the definition of a "full-time employee" to specifically mean an individual employed for at least 35 hours each week, removing previous language about alternative industry standards for full-time employment. The bill also adjusts the rules for maintaining a net increase in full-time employees, stipulating that if a position becomes vacant, a replacement employee must be hired within 8 weeks (previously described as a "reasonable time") to maintain the continuity of the net employee increase. Additionally, the bill removes references to the Put Illinois to Work Program, which was relevant for earlier incentive periods ending in 2016. The tax credit remains capped at $2,500 per new employee hired, and is designed to incentivize job creation among small businesses with fewer than 50 full-time employees in Illinois.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=1505&GAID=18&DocTypeID=SB&SessionID=114&GA=104