SB1232 Summary: Small Business Job Creation Tax Credit Act Amendment

• Extends the Small Business Job Creation Tax Credit Act with a second set of incentive periods running from July 1, 2019 through June 30, 2026 (originally limited to July 1, 2010 through June 30, 2016)

• Increases the minimum "basic wage" requirement from $10 per hour to $15 per hour for employees to qualify for the tax credit

• Removes provisions allowing businesses to receive tax credits for hiring workers who participated in the Put Illinois to Work Program during 2010, effective only for the new incentive period

• Maintains existing credit requirements including the $2,500 maximum per new full-time employee, the 12-month employment sustainability requirement, and the $50 million cap on total applications

• Takes effect immediately upon becoming law