IL SB0164

Creates an income tax credit for employers with 500 or fewer average employees who hire qualified employees to work in Illinois for taxable years beginning January 1, 2024 through December 31, 2028.

Credit amounts are $5,000 per qualified employee for employers with 100 or fewer employees and $2,500 per qualified employee for employers with 101-500 employees, with an additional $1,500 increase if the employee works in or resides in a disproportionately impacted area.

Defines "qualified employee" as a state resident hired to fill a net new job position who was unemployed as a result of COVID-19, including self-employed individuals, but excludes employees furloughed by the employer.

Limits total credits issued by the Department of Commerce and Economic Opportunity to $100,000,000 over the program duration.

Allows unused credits to be carried forward and applied against tax liability for up to 5 succeeding taxable years, with credits not reducing liability below zero.