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92_HB5894
LRB9215362REpr
1 AN ACT in relation to taxes.
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 213 as follows:
6 (35 ILCS 5/213 new)
7 Sec. 213. The HIRE Illinois tax credit. For taxable years
8 on or after December 31, 2002, a taxpayer that hires, and
9 continuously employs full-time for a period of at least one
10 year, a person who has obtained a baccalaureate degree or
11 post-baccalaureate degree from a public or private college or
12 university in Illinois within 2 years after the employee's
13 degree is awarded is entitled to a credit against the taxes
14 imposed under this Act in an amount equal to 10% of the
15 employee's salary. The taxpayer may claim this credit in the
16 first 2 taxable years following the taxable year in which the
17 employee was hired and may claim a credit for each employee
18 that meets the requirement of this Section. If the amount of
19 the credit exceeds the tax liability for the year, the excess
20 may be carried forward and applied to the tax liability of
21 the taxable year following the excess credit year. In no
22 event shall a credit under this Section reduce the taxpayer's
23 liability to less than zero. This Section is exempt from the
24 provisions of Section 250.