Illinois SB1271 creates tax credits for businesses headquartered in the state and for employees who are Illinois residents.
Illinois SB1271 amends the Illinois Income Tax Act to create three new tax credits. A legacy credit is available for businesses headquartered in Illinois, providing $100 multiplied by the number of years the business has been headquartered in the state. An employee tax credit is available for businesses with a location in Illinois, providing $100 for each employee who is a resident of the state.
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