SB0217 Summary: Illinois State Training and Employment Program (I-STEP) Act

• Establishes the I-STEP program to provide tax credits to employers for training and hiring workers in new full-time jobs paying at least 175% of federal minimum wage.

• Employers may use I-STEP Credits to reimburse up to 75% of program costs (training, education, equipment), or up to 100% if the project reduces long-term unemployment.

• Creates an I-STEP Panel consisting of the Directors of Commerce and Economic Opportunity and Employment Security plus 11 appointed members representing business, labor, and workforce development organizations.

• Limits credit duration to 10 taxable years beginning December 31, 2014, with credits applied against employer withholding obligations under the Illinois Income Tax Act.

• Establishes the I-STEP Fund to receive employer deposits for administrative costs; requires annual reporting to the General Assembly on jobs created and credits awarded.