SB3950 Summary

• Increases maximum employee threshold for Small Business Job Creation Tax Credit eligibility from 50 to 75 full-time employees.

• Raises the credit cap from $2,500 to $3,500 per new employee hired during the incentive period.

• Extends the incentive period from June 30, 2011 to June 30, 2012 if Illinois's seasonally adjusted unemployment rate for May 2011 reaches 7.0% or higher.

• Modifies net employee increase calculation for extended incentive periods to use the maximum employment level reached during the 24-month period (July 1, 2010 to July 1, 2012) instead of the June 30, 2011 baseline.

• Takes effect immediately upon becoming law.