IL SB3498

Extends the Small Business Job Creation Tax Credit Act by creating a second set of incentive periods running from July 1, 2020 through June 30, 2026

Increases the maximum tax credit from $2,500 to $5,000 per new employee hired by qualifying small businesses

Raises the total cap on credits awarded under the program from $50,000,000 to $75,000,000

Applies to businesses with no more than 50 full-time employees that hire new workers resulting in a net increase in Illinois employment maintained for at least 12 months

Credits are applied against state income tax withholding payments and awarded on a first-come-first-served basis