IL SB3620

Modifies the withholding tax credit for employers related to the minimum wage increase under Public Act 101-1, allowing up to 50 qualified employees per location rather than limiting eligibility to employers with 50 or fewer full-time equivalent employees

Changes the maximum credit percentages: 25% for 2020-2022, 20% for 2023, 15% for 2024, and 10% for 2025 (increased from the original schedule of 25%, 21%, 17%, 13%, 9%, and 5%)

Removes the requirement that employees must have worked 90 consecutive days, now requiring only 90 days of employment preceding the reporting period

Excludes employers in Chicago, municipalities that opted into Cook County's minimum wage ordinance, and unincorporated Cook County from the credit until the state minimum wage exceeds their local minimum wage

Extends credit availability through December 31, 2026 for employers with more than 5 employees, and through December 31, 2027 for employers with 5 or fewer employees