IL HB1410

Creates an income tax credit for businesses with an average of 100 or fewer full-time employees equal to 50% of costs incurred in offering a paid family leave program to all full-time employees, effective for taxable years beginning January 1, 2024.

Allows partners, S-corporation shareholders, and LLC owners to claim the credit based on their distributive share of income under federal tax code sections 702, 704, and Subchapter S.

Permits unused tax credits exceeding annual liability to be carried forward and applied to tax liability in the 5 following taxable years, with earlier credits applied first.

Defines "full-time employee" as an individual employed for at least 35 hours per week or meeting industry custom standards for full-time employment.

Requires businesses to submit documentation of their paid family leave program to the Department in the form and manner required by rule.