IL SB3992

Creates an income tax credit for employers who hire Illinois residents unemployed due to COVID-19 to work in technology, health care, or manufacturing fields for taxable years 2020-2024.

Credit amounts vary by employer size: $5,000 per qualified employee for employers with 100 or fewer employees, $2,500 for employers with 101-500 employees, and $1,500 for employers with more than 500 employees.

Credit applies against Illinois income tax liability and can be carried forward up to 5 years if it exceeds the current year's tax liability, with earlier credits applied first.

Allows pass-through entities (partnerships, S-corporations, and LLCs taxed as partnerships) to claim the credit based on their distributive share of income.

Takes effect immediately upon enactment.