HB0145 Summary

• Amends the Illinois Income Tax Act to add a new employer withholding tax credit for small businesses with fewer than 15 full-time employees.

• Provides a $2,000 credit against withholding tax payments for each employee converted from part-time to full-time employment status, effective on amounts withheld on or after July 1, 2015.

• Employee must maintain full-time status for 12 consecutive calendar months to qualify for the credit.

• Excess credits that exceed the payment due in a given period may be carried forward to subsequent payments due within the following 12 calendar months.

• Credit cannot reduce the employer's withholding tax obligation below zero and is exempt from Section 250 limitations; bill takes effect immediately upon enactment.