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
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
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
LRB103 28949 HLH 55335 b
A BILL FOR
HB3484LRB103 28949 HLH 55335 b HB3484 LRB103 28949 HLH 55335 b
HB3484 LRB103 28949 HLH 55335 b
1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
4 Section 5. The Illinois Income Tax Act is amended by
5 adding Section 234 as follows:
6 (35 ILCS 5/234 new)
7 Sec. 234. Credit for career development experiences.
8 (a) For tax years beginning on or after January 1, 2024,
9 each taxpayer who employs a qualified student as part of a
10 College and Career Pathways Endorsement program is entitled to
11 a credit against the taxes imposed by subsections (a) and (b)
12 of Section 201 in the amount of $500 for each qualified
13 student. The taxpayer is entitled to an additional credit of
14 up to $1,000 for each student if (1) the student resides in an
15 underserved area or (2) the employer's principal place of
16 business is located in an underserved area.
17 (b) As used in this Section:
18 "Qualified school" means any Illinois public or nonpublic
19 secondary school that is an institution of secondary education
20 that has an approved College and Career Pathways Endorsement
21 program in manufacturing and technology from the State Board
22 of Education.
23 "Qualified student" means an individual who is: (1) an
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
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
LRB103 28949 HLH 55335 b
A BILL FOR
35 ILCS 5/234 new
LRB103 28949 HLH 55335 b
HB3484 LRB103 28949 HLH 55335 b
HB3484- 2 -LRB103 28949 HLH 55335 b HB3484 - 2 - LRB103 28949 HLH 55335 b
HB3484 - 2 - LRB103 28949 HLH 55335 b
1 Illinois resident; (2) at least 16 at the close of the school
2 year for which a credit is sought; (3) enrolled in a qualified
3 school; and (4) enrolled in a College and Career Pathways
4 Endorsement program under Section 80 of the Postsecondary and
5 Workforce Readiness Act for manufacturing and technology.
6 (c) For partners and shareholders of Subchapter S
7 corporations, there shall be allowed a credit under this
8 Section to be determined in accordance with the determination
9 of income and distributive share of income under Sections 702
10 and 704 and Subchapter S of the Internal Revenue Code.
11 (d) In no event shall a credit under this Section reduce
12 the taxpayer's liability to less than zero. If the amount of
13 the credit exceeds the tax liability for the year, the excess
14 may be carried forward and applied to the tax liability of the
15 5 taxable years following the excess credit year. The tax
16 credit shall be applied to the earliest year for which there is
17 a tax liability. If there are credits for more than one year
18 that are available to offset a liability, the earlier credit
19 shall be applied first.
20 (e) This Section is exempt from the provisions of Section
21 250.
22 (f) The Department shall adopt any rules necessary to
23 implement and administer this Section.
HB3484 - 2 - LRB103 28949 HLH 55335 b