SB2075 Summary

• Creates a legacy tax credit for sole proprietorships, limited liability companies, and corporations headquartered in Illinois, providing $100 per year of headquarters location for taxable years beginning January 1, 2024 or later.

• Establishes an employee tax credit allowing $100 per employee who is an Illinois resident with 6 or more months of consecutive employment at year-end for businesses with any location in the State.

• Creates a collective bargaining employee tax credit providing $25 per employee who is an Illinois resident, meets National Labor Standards Board definitions of collective bargaining status, and has 6 or more months of consecutive employment at year-end.

• Excess credits that exceed tax liability may be carried forward and applied to tax liability for up to 5 subsequent taxable years, with earlier credits applied first.

• All three credits apply to income tax under Section 201 and are exempt from Section 250 limitations; for Subchapter S corporations, credits pass through to shareholders according to Internal Revenue Code provisions.