IL HB1595

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

Defines "creditable employee" as someone who was hired for the first time on or after the bill's effective date, completed 24 consecutive months of employment with the taxpayer during the taxable year, received Illinois unemployment benefits for at least 2 months immediately before being hired, and worked at least 30 hours per week throughout the 24-month employment period.

Allows partnerships, S-corporations, and limited liability companies to claim the credit through their partners, shareholders, or members based on income allocation rules in the Internal Revenue Code.

Permits unused credits to be carried forward up to 5 taxable years following the year the excess credit arose, with earlier year credits applied first against any tax liability.

Takes effect immediately upon becoming law and is exempt from Illinois Income Tax Act Section 250 provisions.