HB5759 Summary

• Creates a "jobs development incentive tax credit" equal to 20% of gross wages paid to qualifying employees, capped at $2,000 per employee per year under the Illinois Income Tax Act.

• Defines "creditable employee" as someone hired on or after the bill's effective date who completes 24 consecutive months of employment, received Illinois unemployment benefits for at least 2 months immediately before hire, and worked at least 30 hours per week in Illinois during the entire 24-month period.

• Allows partnerships, S-corporations, and LLCs with pass-through tax treatment to pass the credit to partners, shareholders, or members according to their distributive income share.

• Permits unused credits to be carried forward for up to 5 taxable years but not carried back, and does not allow credits to reduce tax liability below zero.

• Takes effect immediately upon becoming law.