IL SB0068

Amends Illinois Income Tax Act Section 704A to establish employer withholding and payment requirements for income taxes, including semi-weekly, monthly, and quarterly payment schedules based on withholding amounts.

Allows employers with 50 or fewer full-time equivalent employees to claim tax credits against income tax withholding payments for qualifying employees earning at or below minimum wage, with credit percentages declining from 25% in 2020 to 5% in 2025.

Establishes a new tax credit for private employers offering paid organ or bone marrow donor leave of at least 30 days, allowing credits up to $1,000 per employee against income tax withholding obligations.

Requires employers retaining income tax withholdings under certain tax credit programs to file returns and pay withheld taxes not retained to the Department in the form and manner prescribed by rule.

Authorizes the Department to establish alternative filing schedules, electronic payment requirements, designated depositories, and permits adjustment of semi-weekly payment thresholds by regulation.