Illinois HB3615 creates a tax credit for businesses providing commuter benefits to employees.
HB3615 amends the Illinois Income Tax Act to introduce a tax credit for businesses that offer commuter benefits to their employees. Eligible benefits include vanpools meeting specific criteria and instruments that provide transportation at no added cost or reduced fare. The credit is equal to 50% of the cost of providing these benefits, with a cap of $100 per employee per month. The credit can be applied against the tax imposed by the Illinois Income Tax Act or the tax imposed by the Illinois Insurance Code.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.