IL SB2704

Establishes a $500 tax credit for volunteer emergency workers for taxable years 2023-2027 who serve at least 9 months and earn no more than $5,000 in compensation during the year.

Requires volunteer members of county or municipal emergency services and disaster agencies to serve at least 100 hours during the taxable year to qualify for the credit.

Caps total annual tax credits at $5,000,000, awarded on a first-come, first-served basis.

Requires the Office of the State Fire Marshal to provide the Department of Revenue an annual list of eligible volunteer firefighters by January 24, and requires the Illinois Emergency Management Agency to provide a similar list for county or municipal emergency services volunteers starting January 24, 2025.

Credits cannot reduce a taxpayer's tax liability below zero.