IL SB3194

Creates the Hire Illinois Tax Credit allowing businesses a $500 tax credit against withholding tax liability for each recent graduate of a public Illinois university hired during the incentive period (January 1, 2017 - December 31, 2018) and retained for 12 consecutive months.

Qualified employees must be full-time workers earning at least $10 per hour who graduated from a public university in Illinois within one year prior to hire, excluding prior employees and those with 5% or greater ownership interest.

Tax credit of $500 may be claimed in the year of hire and for each of the following 4 years the qualified employee is retained for 12 consecutive months, taken in equal installments across withholding tax returns.

Department of Commerce and Economic Opportunity administers the program, issuing tax credit certificates on a first-come, first-served basis until a maximum of $25,000,000 in credits is reached.

Applicants must apply for a tax credit certificate between 12-18 months after hire date and submit the certificate with their first return claiming the credit.