Illinois 2023-2024 Regular Session

Illinois House Bill HB3484 Compare Versions

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

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1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3484 Introduced , by Rep. Maurice A. West, II SYNOPSIS AS INTRODUCED: 35 ILCS 5/234 new Amends the Illinois Income Tax Act. Creates an income tax credit for each taxpayer who employs a qualified student as part of a College and Career Pathways Endorsement program in the amount of $500 for each qualified student. Provides that the taxpayer is entitled to an additional amount of up to $1,000 for each student if the student resides in an underserved area or the employer's principal place of business is located in an underserved area. Requires the Department of Revenue to adopt any necessary rules. LRB103 28949 HLH 55335 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3484 Introduced , by Rep. Maurice A. West, II 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 each taxpayer who employs a qualified student as part of a College and Career Pathways Endorsement program in the amount of $500 for each qualified student. Provides that the taxpayer is entitled to an additional amount of up to $1,000 for each student if the student resides in an underserved area or the employer's principal place of business is located in an underserved area. Requires the Department of Revenue to adopt any necessary rules. LRB103 28949 HLH 55335 b LRB103 28949 HLH 55335 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3484 Introduced , by Rep. Maurice A. West, II 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 each taxpayer who employs a qualified student as part of a College and Career Pathways Endorsement program in the amount of $500 for each qualified student. Provides that the taxpayer is entitled to an additional amount of up to $1,000 for each student if the student resides in an underserved area or the employer's principal place of business is located in an underserved area. Requires the Department of Revenue to adopt any necessary rules.
6	6	LRB103 28949 HLH 55335 b LRB103 28949 HLH 55335 b
7	7	LRB103 28949 HLH 55335 b
8	8	A BILL FOR
9	9	HB3484LRB103 28949 HLH 55335 b HB3484 LRB103 28949 HLH 55335 b
10	10	HB3484 LRB103 28949 HLH 55335 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 career development experiences.
18	18	8 (a) For tax years beginning on or after January 1, 2024,
19	19	9 each taxpayer who employs a qualified student as part of a
20	20	10 College and Career Pathways Endorsement program is entitled to
21	21	11 a credit against the taxes imposed by subsections (a) and (b)
22	22	12 of Section 201 in the amount of $500 for each qualified
23	23	13 student. The taxpayer is entitled to an additional credit of
24	24	14 up to $1,000 for each student if (1) the student resides in an
25	25	15 underserved area or (2) the employer's principal place of
26	26	16 business is located in an underserved area.
27	27	17 (b) As used in this Section:
28	28	18 "Qualified school" means any Illinois public or nonpublic
29	29	19 secondary school that is an institution of secondary education
30	30	20 that has an approved College and Career Pathways Endorsement
31	31	21 program in manufacturing and technology from the State Board
32	32	22 of Education.
33	33	23 "Qualified student" means an individual who is: (1) an
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3484 Introduced , by Rep. Maurice A. West, II 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 each taxpayer who employs a qualified student as part of a College and Career Pathways Endorsement program in the amount of $500 for each qualified student. Provides that the taxpayer is entitled to an additional amount of up to $1,000 for each student if the student resides in an underserved area or the employer's principal place of business is located in an underserved area. Requires the Department of Revenue to adopt any necessary rules.
41	41	LRB103 28949 HLH 55335 b LRB103 28949 HLH 55335 b
42	42	LRB103 28949 HLH 55335 b
43	43	A BILL FOR
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49	49	35 ILCS 5/234 new
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68	68	1 Illinois resident; (2) at least 16 at the close of the school
69	69	2 year for which a credit is sought; (3) enrolled in a qualified
70	70	3 school; and (4) enrolled in a College and Career Pathways
71	71	4 Endorsement program under Section 80 of the Postsecondary and
72	72	5 Workforce Readiness Act for manufacturing and technology.
73	73	6 (c) For partners and shareholders of Subchapter S
74	74	7 corporations, there shall be allowed a credit under this
75	75	8 Section to be determined in accordance with the determination
76	76	9 of income and distributive share of income under Sections 702
77	77	10 and 704 and Subchapter S of the Internal Revenue Code.
78	78	11 (d) In no event shall a credit under this Section reduce
79	79	12 the taxpayer's liability to less than zero. If the amount of
80	80	13 the credit exceeds the tax liability for the year, the excess
81	81	14 may be carried forward and applied to the tax liability of the
82	82	15 5 taxable years following the excess credit year. The tax
83	83	16 credit shall be applied to the earliest year for which there is
84	84	17 a tax liability. If there are credits for more than one year
85	85	18 that are available to offset a liability, the earlier credit
86	86	19 shall be applied first.
87	87	20 (e) This Section is exempt from the provisions of Section
88	88	21 250.
89	89	22 (f) The Department shall adopt any rules necessary to
90	90	23 implement and administer this Section.
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96	96	HB3484 - 2 - LRB103 28949 HLH 55335 b