SB3665

Illinois SB3665 provides an income tax credit for employers in Illinois affected by energy phaseout.

Illinois SB3665 amends the Illinois Income Tax Act to allow qualified taxpayers to claim an income tax credit. This credit equals 20% of the wages paid to qualified energy choice workers based in Illinois. A qualified taxpayer must be a regulated utility or power generating company in Illinois, subject to Public Act 102-662, and demonstrate a significant operational impact due to energy phaseout dates of 2030, 2035, 2040, and 2045. The credit cannot reduce a taxpayer's liability below zero and is capped at $2,000 per employee, with a total annual limit of $25,000,000.