Illinois HB1290 offers a tax credit to corporations that increase their employee headcount by over 10% in the state.
HB1290 amends the Illinois Income Tax Act to provide a tax credit for corporations that increase their average employee headcount in the state by more than 10% compared to the previous year. The credit is equal to 2% of the corporation's Illinois Income Tax liability for the taxable year. If the credit exceeds the tax liability, the excess can be carried forward for up to five years. The credit cannot reduce the taxpayer's liability below zero.
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