IL HB0162

Amends the Illinois Income Tax Act to modify employer withholding payment requirements, including semi-weekly and monthly payment schedules based on withholding thresholds and electronic funds transfer mandates beginning in 2011.

Revises the Economic Development for a Growing Economy Tax Credit Act to expand credit eligibility for applicants in "underserved areas" with poverty rates of at least 20%, high free lunch program participation, SNAP assistance rates, or unemployment above 120% of national average.

Reduces capital investment requirements for applicants with more than 100 employees from $5,000,000 to $2,500,000 and eliminates the minimum 25 new employee requirement, replacing it with percentage-based hiring targets (10% for larger employers, 5% for smaller ones).

Prohibits tax credits for agreements entered into on or after January 1, 2015 from being credited against withholding payments under Section 704A of the Illinois Income Tax Act.

Extends the sunset date for new tax credit agreements from April 30, 2017 to June 30, 2022 and adds new reporting requirements including supplier diversity goals and annual progress updates to the Governor and General Assembly.