IL HB6196

Creates a new tax credit under Section 217.1 for employers hiring unemployed veterans, equal to 20% of gross wages paid (maximum $5,000 per year) for taxable years ending December 31, 2012 through December 31, 2016.

Eligible veterans must have served on active duty on or after September 11, 2001, been honorably discharged, and initially hired by the taxpayer on or after June 1, 2012, with unemployment of 4 or more weeks during the 6-week period before hire.

Defines "sustained employment" as either 185+ days of employment or 30+ days of employment if the veteran was unemployed for 6+ months during the year preceding hire.

Allows unused credits to be carried forward for 5 taxable years following the excess credit year, applied in chronological order.

Prohibits claiming both the new Section 217.1 credit and the existing Section 217 credit (for all qualified veterans) for the same veteran in the same taxable year.