HB4223 Summary

• Extends the Illinois income tax credit for wages paid to qualified veterans to also include wages paid to spouses of qualified veterans, effective for taxable years beginning January 1, 2022 through December 31, 2026.

• Expands the definition of "qualified veteran" to include active duty members of the United States Armed Forces called to duty by presidential executive order, Congressional act, or gubernatorial order.

• Maintains the existing 10% tax credit with a maximum of $1,200 per taxable year for wages paid to qualified veterans and their spouses during sustained employment (at least 185 days per year).

• Allows 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 becoming law.