SB3542

Illinois SB3542 creates an income tax credit for small employers who provide paid leave to employees as required by the Paid Leave for All Workers.

Illinois SB3542 amends the Illinois Income Tax Act to establish an income tax credit for eligible small employers. This credit is equal to the amount paid to employees as required by the Paid Leave for All Workers Act. An eligible small employer is defined as one that employs 50 or fewer full-time equivalent employees during the taxable year and is subject to the Paid Leave for All Workers Act. The credit cannot exceed 40 hours of paid leave per employee per calendar year and cannot reduce a taxpayer's liability to less than zero.