IL SB2523

Amends the Illinois Income Tax Act to create a $500 income tax credit for employees of businesses that would qualify as federal HUBZone small business concerns except for having fewer than 35% of employees residing in a HUBZone.

Credit is available for taxable years beginning January 1, 2018 or later, when an employee first moves into a federal HUBZone during that taxable year.

Credit cannot reduce tax liability below zero; excess credits may be carried forward and applied to tax liability for up to 5 subsequent taxable years, with earlier credits applied first.

Defines "federal HUBZone" as areas designated under the federal Historically Underutilized Business Zones program.

Effective immediately upon becoming law.