SB3786

Illinois SB3786 introduces tax credits for businesses headquartered in the state, including a legacy credit and credits for employees and collective.

Illinois SB3786 amends the Illinois Income Tax Act to introduce new tax credits for businesses headquartered in the state. It includes a legacy credit for businesses, an employee tax credit of $100 per resident employee, and a collective bargaining employee tax credit of $25 per resident employee who has been employed for at least six months. The credits can be carried forward if they exceed the tax liability for the year and applied to future tax liabilities. The Act takes effect immediately upon becoming law.