IL SB2490

Creates an income tax credit for employers with 500 or fewer employees who hire qualified employees to work in Illinois during taxable years 2021-2025.

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

Credit increases by an additional $1,500 if the employee works in or resides in a disproportionately impacted area (defined by poverty rate of 20%+, free lunch participation of 75%+, SNAP assistance of 20%+, or unemployment rate 120%+ of national average).

Qualified employees must be Illinois residents hired to fill net new jobs who were unemployed due to COVID-19, but excludes employees furloughed and then reinstated by the same employer.

Department of Commerce and Economic Opportunity has a $100,000,000 total cap on credits issued under this program and must issue tax credit certificates to qualifying taxpayers.