HB5194

Illinois HB5194 proposes a tax credit for qualified taxpayers affected by energy phaseout dates.

HB5194 amends the Illinois Income Tax Act to provide a tax credit for qualified taxpayers. Eligible taxpayers must be regulated utilities or power generating companies in Illinois, subject to Public Act 102-662, and demonstrate adverse operational impacts due to scheduled phaseout dates. The credit is equal to 20% of wages paid to qualified energy choice workers in Illinois, up to $2,000 per employee and 50 employees per taxpayer. The total credit cannot exceed $25,000,000 annually. The credit applies to taxable years ending after December 31, 2026.