IL SB4006

Creates an income tax credit for employers with 500 or fewer employees who hire Illinois residents unemployed due to COVID-19 pandemic.

Credit amount is $5,000 per qualified employee for employers with 100 or fewer employees, and $2,500 per qualified employee for employers with 101-500 employees.

Applies to taxable years beginning January 1, 2020 through December 31, 2024.

Department of Commerce and Economic Opportunity administers the program with a $100 million cap on total credits awarded on a first-come, first-served basis.

Unused credits may be carried forward and applied against tax liability for up to 5 succeeding taxable years.