Illinois 2023-2024 Regular Session

Illinois House Bill HB1410 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1410 Introduced , by Rep. Dave Vella SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for businesses with an average of 100 or fewer full-time employees during the taxable year in an amount equal to 50% of the costs incurred by the business in offering a paid family leave program to all of its full-time employees. LRB103 25800 HLH 52151 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1410 Introduced , by Rep. Dave Vella SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for businesses with an average of 100 or fewer full-time employees during the taxable year in an amount equal to 50% of the costs incurred by the business in offering a paid family leave program to all of its full-time employees. LRB103 25800 HLH 52151 b LRB103 25800 HLH 52151 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1410 Introduced , by Rep. Dave Vella SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 5/234 new 35 ILCS 5/234 new
4	4	35 ILCS 5/234 new
5	5	Amends the Illinois Income Tax Act. Creates an income tax credit for businesses with an average of 100 or fewer full-time employees during the taxable year in an amount equal to 50% of the costs incurred by the business in offering a paid family leave program to all of its full-time employees.
6	6	LRB103 25800 HLH 52151 b LRB103 25800 HLH 52151 b
7	7	LRB103 25800 HLH 52151 b
8	8	A BILL FOR
9	9	HB1410LRB103 25800 HLH 52151 b HB1410 LRB103 25800 HLH 52151 b
10	10	HB1410 LRB103 25800 HLH 52151 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Illinois Income Tax Act is amended by
15	15	5 adding Section 234 as follows:
16	16	6 (35 ILCS 5/234 new)
17	17	7 Sec. 234. Credit for paid family leave.
18	18	8 (a) For taxable years beginning on or after January 1,
19	19	9 2024, each business with an average of 100 or fewer full-time
20	20	10 employees during the taxable year is entitled to a credit
21	21	11 against the taxes imposed by subsections (a) and (b) of
22	22	12 Section 201 in an amount equal to 50% of the costs incurred by
23	23	13 the business in offering a paid family leave program to all of
24	24	14 its full-time employees. The business shall submit
25	25	15 documentation of the paid family leave program in the form and
26	26	16 manner required by the Department by rule.
27	27	17 (b) For partners, shareholders of Subchapter S
28	28	18 corporations, and owners of limited liability companies, if
29	29	19 the liability company is treated as a partnership for purposes
30	30	20 of federal and State income taxation, there is allowed a
31	31	21 credit under this Section to be determined in accordance with
32	32	22 the determination of income and distributive share of income
33	33	23 under Sections 702 and 704 and Subchapter S of the Internal
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB1410 Introduced , by Rep. Dave Vella SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 5/234 new 35 ILCS 5/234 new
39	39	35 ILCS 5/234 new
40	40	Amends the Illinois Income Tax Act. Creates an income tax credit for businesses with an average of 100 or fewer full-time employees during the taxable year in an amount equal to 50% of the costs incurred by the business in offering a paid family leave program to all of its full-time employees.
41	41	LRB103 25800 HLH 52151 b LRB103 25800 HLH 52151 b
42	42	LRB103 25800 HLH 52151 b
43	43	A BILL FOR
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49	49	35 ILCS 5/234 new
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53	53	LRB103 25800 HLH 52151 b
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63	63	HB1410 LRB103 25800 HLH 52151 b
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66	66	HB1410- 2 -LRB103 25800 HLH 52151 b HB1410 - 2 - LRB103 25800 HLH 52151 b
67	67	HB1410 - 2 - LRB103 25800 HLH 52151 b
68	68	1 Revenue Code.
69	69	2 (c) In no event shall a credit under this Section reduce
70	70	3 the taxpayer's liability to less than zero. If the amount of
71	71	4 the credit exceeds the tax liability for the year, the excess
72	72	5 may be carried forward and applied to the tax liability of the
73	73	6 5 taxable years following the excess credit year. The tax
74	74	7 credit shall be applied to the earliest year for which there is
75	75	8 a tax liability. If there are credits for more than one year
76	76	9 that are available to offset a liability, the earlier credit
77	77	10 shall be applied first.
78	78	11 (d) As used in this Section, "full-time employee" means an
79	79	12 individual who is employed for consideration for at least 35
80	80	13 hours each week or who renders any other standard of service
81	81	14 generally accepted by industry custom or practice as full-time
82	82	15 employment.
83	83	16 (e) This Section is exempt from the provisions of Section
84	84	17 250.
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90	90	HB1410 - 2 - LRB103 25800 HLH 52151 b