HB3160 Summary

• Limits property tax rates in counties with 700,000-710,000 inhabitants to the lesser of the standard limiting rate or 2.5 times the median aggregate tax rate for all taxing districts in the county, effective for levy year 2017 and beyond.

• Creates a job creation income tax credit allowing businesses operating in counties with 700,000-710,000 inhabitants to claim up to $5,000 per new full-time employee hired in 2017 or 2018.

• Distributes the $5,000 credit as $3,000 in the year of hire (if employee remains employed through year-end) and $2,000 in the following year (if employment continues through year-end).

• Allows excess job creation tax credits to be carried forward for up to 5 subsequent taxable years if they exceed current year tax liability.

• Takes effect immediately upon becoming law.