Illinois 2023-2024 Regular Session

Illinois House Bill HB2425 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 HB2425 Introduced , by Rep. Martin J. Moylan SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who employ qualified employees. Provides that the term "qualified employee" means an individual who (i) is employed by the taxpayer as an engineer and (ii) graduated from an engineering program at an accredited institution of higher learning with a Bachelor's degree or higher within the 5 years immediately preceding the taxable year. Provides that the credit shall be equal to (i) 10% of the compensation paid by the taxpayer during the taxable year to qualified employees who graduated from an engineering program at an accredited institution of higher learning in Illinois or (ii) 5% of the compensation paid by the taxpayer during the taxable year to qualified employees who graduated from an engineering program an accredited institution of higher learning not located in Illinois. Effective immediately. LRB103 30427 HLH 56857 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2425 Introduced , by Rep. Martin J. Moylan 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 taxpayers who employ qualified employees. Provides that the term "qualified employee" means an individual who (i) is employed by the taxpayer as an engineer and (ii) graduated from an engineering program at an accredited institution of higher learning with a Bachelor's degree or higher within the 5 years immediately preceding the taxable year. Provides that the credit shall be equal to (i) 10% of the compensation paid by the taxpayer during the taxable year to qualified employees who graduated from an engineering program at an accredited institution of higher learning in Illinois or (ii) 5% of the compensation paid by the taxpayer during the taxable year to qualified employees who graduated from an engineering program an accredited institution of higher learning not located in Illinois. Effective immediately. LRB103 30427 HLH 56857 b LRB103 30427 HLH 56857 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2425 Introduced , by Rep. Martin J. Moylan 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 taxpayers who employ qualified employees. Provides that the term "qualified employee" means an individual who (i) is employed by the taxpayer as an engineer and (ii) graduated from an engineering program at an accredited institution of higher learning with a Bachelor's degree or higher within the 5 years immediately preceding the taxable year. Provides that the credit shall be equal to (i) 10% of the compensation paid by the taxpayer during the taxable year to qualified employees who graduated from an engineering program at an accredited institution of higher learning in Illinois or (ii) 5% of the compensation paid by the taxpayer during the taxable year to qualified employees who graduated from an engineering program an accredited institution of higher learning not located in Illinois. Effective immediately.
6	6	LRB103 30427 HLH 56857 b LRB103 30427 HLH 56857 b
7	7	LRB103 30427 HLH 56857 b
8	8	A BILL FOR
9	9	HB2425LRB103 30427 HLH 56857 b HB2425 LRB103 30427 HLH 56857 b
10	10	HB2425 LRB103 30427 HLH 56857 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. Retaining Illinois Students of Engineering
18	18	8 (RISE) credit.
19	19	9 (a) For tax years ending on or after December 31, 2023, a
20	20	10 taxpayer shall be allowed a credit against the tax imposed by
21	21	11 subsections (a) and (b) of Section 201 for compensation paid
22	22	12 to qualified employees during the taxable year. The credit
23	23	13 shall be equal to (i) 10% of the compensation paid by the
24	24	14 taxpayer during the taxable year to qualified employees who
25	25	15 graduated from an engineering program at an accredited
26	26	16 institution of higher learning in Illinois or (ii) 5% of the
27	27	17 compensation paid by the taxpayer during the taxable year to
28	28	18 qualified employees who graduated from an engineering program
29	29	19 at an accredited institution of higher learning not located in
30	30	20 Illinois.
31	31	21 (b) The credit or credits may not reduce the taxpayer's
32	32	22 liability to less than zero. If the amount of the credit or
33	33	23 credits exceeds the taxpayer's liability, the excess may be
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2425 Introduced , by Rep. Martin J. Moylan 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 taxpayers who employ qualified employees. Provides that the term "qualified employee" means an individual who (i) is employed by the taxpayer as an engineer and (ii) graduated from an engineering program at an accredited institution of higher learning with a Bachelor's degree or higher within the 5 years immediately preceding the taxable year. Provides that the credit shall be equal to (i) 10% of the compensation paid by the taxpayer during the taxable year to qualified employees who graduated from an engineering program at an accredited institution of higher learning in Illinois or (ii) 5% of the compensation paid by the taxpayer during the taxable year to qualified employees who graduated from an engineering program an accredited institution of higher learning not located in Illinois. Effective immediately.
41	41	LRB103 30427 HLH 56857 b LRB103 30427 HLH 56857 b
42	42	LRB103 30427 HLH 56857 b
43	43	A BILL FOR
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49	49	35 ILCS 5/234 new
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53	53	LRB103 30427 HLH 56857 b
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66	66	HB2425- 2 -LRB103 30427 HLH 56857 b HB2425 - 2 - LRB103 30427 HLH 56857 b
67	67	HB2425 - 2 - LRB103 30427 HLH 56857 b
68	68	1 carried forward and applied against the taxpayer's liability
69	69	2 in the following 5 taxable years or until the credit has been
70	70	3 fully used, whichever occurs first.
71	71	4 (c) As used in this Section, "qualified employee" means an
72	72	5 individual who (i) is employed by the taxpayer as an engineer
73	73	6 and (ii) graduated from an engineering program at an
74	74	7 accredited institution of higher learning with a Bachelor's
75	75	8 degree or higher within the 5 years immediately preceding the
76	76	9 taxable year for which the credit is claimed.
77	77	10 Section 99. Effective date. This Act takes effect upon
78	78	11 becoming law.
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84	84	HB2425 - 2 - LRB103 30427 HLH 56857 b