IL HB0144

Provides an income tax credit for taxpayers who hire long-term unemployed persons, effective for taxable years beginning January 1, 2015.

Credit amounts are $500 in the year of hire, $750 in the first year after hire, and $1,250 in the second year after hire, with partial-year credits calculated on a weekly basis.

Defines "long-term unemployed person" as someone unemployed for at least 27 consecutive weeks, an Illinois resident at time of hire, employed full-time (minimum $10/hour, 35+ hours per week), and not enrolled as a full-time student during the preceding 27 weeks.

Unused credits may be carried forward up to 5 taxable years following the excess credit year and are not subject to automatic sunset provisions.

Applies to partners, S corporation shareholders, and LLC owners on a distributive share basis under federal income tax rules.