SB3853 amends the Illinois Income Tax Act to make the withholding credit based on the minimum wage permanent.
SB3853 amends the Illinois Income Tax Act to make the withholding credit based on the minimum wage permanent. Previously, the credit was set to expire on December 31, 2026, for employers with 50 or fewer employees but more than 5 employees, and on December 31, 2027, for employers with no more than 5 employees. The bill ensures that the credit remains in effect indefinitely, providing ongoing tax relief to eligible employers. The credit applies to wages paid to employees who earn the minimum wage or less, and it can be carried forward to offset future tax liabilities if unused.
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- Overview
- Core Provisions
- Implementation
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- Legal Framework
- Critical Issues
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