IL SB3390

Creates a tax credit for employers in the Illinois Income Tax Act allowing 100% of unemployment insurance and worker's compensation costs paid during the taxable year for each newly hired employee.

Provides an additional 50% credit for unemployment insurance and worker's compensation costs paid during the taxable year for employees hired in the previous taxable year.

Credit applies to taxable years ending on or after December 31, 2012, and offsets taxes imposed under Section 201 of the Illinois Income Tax Act.

Allows excess credits that cannot reduce liability below zero to be carried forward and applied to tax liabilities in the following 5 taxable years, with earlier credits applied first.

Takes effect immediately upon becoming law.