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IL HB4214

Bill

Official Source

Status

Introduced

11/12/2021

Primary Sponsor

Dave Vella

Click for details

Origin

House of Representatives

102nd General Assembly

AI Summary

  • Creates a one-year income tax credit for hospitality employers (NAICS codes 71-72) for taxable year 2022 equal to 100% of amounts paid for employee vision and dental benefits, life insurance, and short-term disability coverage.
  • Applies the credit against Illinois income tax liability under Section 201 of the Illinois Income Tax Act.
  • Allows pass-through entities (partnerships, S-corporations, and certain LLCs) to claim the credit based on their distributive share of income under federal tax rules.
  • Permits excess credits that exceed tax liability to be carried forward and applied to tax liability in the following 5 taxable years, with earlier credits applied first.
  • Takes effect immediately upon enactment.

Legislative Description

INC TX-EMPLOYEE BENEFITS

Last Action

Rule 19(a) / Re-referred to Rules Committee

2/18/2022

Committee Referrals

Rules2/18/2022
Revenue & Finance2/9/2022
Rules2/8/2022
Income Tax1/27/2022
Revenue & Finance1/19/2022
Rules1/5/2022

Full Bill Text

No bill text available