IL HB4129

Amends the Illinois Income Tax Act to create a new jobs training credit for businesses entering agreements with community colleges or area vocational centers for employee training.

Eligible businesses receive a tax credit equal to 6% of incremental income tax from new employees if average employee head count exceeds base year (prior calendar year) by more than 10%.

All training agreements must be approved by the Department of Commerce and Economic Opportunity.

Excess credits that exceed tax liability can be carried forward and applied to tax liability for up to 10 following taxable years, with earlier credits applied first.

"New employees" are full-time hires who are not: (1) replacing a job existing 6+ months prior, (2) transferred from a related business, or (3) family members with 5%+ ownership interest in the business.