IL SB2698

Establishes a tax credit for employers who hire long-term unemployed persons, effective for taxable years beginning January 1, 2015.

Credit amounts: $500 in the year of hire, $750 in the first year after hire, and $1,250 in the second year after hire; prorated based on weeks employed if hired partway through a year.

Defines "long-term unemployed person" as an individual unemployed for at least 27 consecutive weeks, an Illinois resident at hire, employed full-time, and not enrolled as a full-time student during the preceding 27 weeks.

Defines "full-time employee" as earning at least $10 per hour for at least 35 hours per week, or meeting industry standards for full-time employment.

Excess credits beyond current year tax liability may be carried forward and applied to tax liabilities in the following 5 taxable years, with earlier credits applied first.