HB4350

Illinois HB4350 creates a tax credit for qualified small businesses, up to $250,000 per year, for certain business expenses.

HB4350 amends the Illinois Income Tax Act to establish a tax credit for qualified small businesses. The credit is equal to 100% of qualified business expenses, up to a maximum of $250,000 per taxpayer per year. Qualified small businesses must be certified by the Department of Commerce and Economic Opportunity and meet specific criteria, such as employing fewer than 100 employees and being current on all tax obligations. The credit can be applied to the earliest year with a tax liability and, if unused, can be carried forward for up to five years.