IL SB4010

Creates an income tax credit for employers in Illinois who hire qualified employees for net new jobs during taxable years beginning January 1, 2020 through December 31, 2024.

Credit amount varies 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.

Increases credit by an additional $500 if the qualified employee works in or resides in a disproportionately impacted area (defined by poverty rate of at least 20%, free lunch program participation of 75% or more, SNAP assistance rate of 20% or more, or unemployment rate exceeding 120% of national average).

Defines "qualified employee" as a state resident hired to fill a net new job who was unemployed due to COVID-19, including self-employed individuals who lost work due to the pandemic, but excludes employees furloughed and reinstated by the same employer.

Allows unused credits to carry forward up to 5 subsequent taxable years, with credits reducing tax liability but not below zero.