IL HB1799

Creates a $2,500 income tax credit for employers for each employee who is 62 years of age or older and employed at an Illinois location for at least 185 days during the taxable year

Applies to taxable years beginning on or after January 1, 2026

Allows unused credit amounts to be carried forward and applied to tax liability for up to 5 years following the excess credit year

Credit applies to partners, S corporation shareholders, and LLC owners, with allocation determined according to federal income and distributive share rules

Exempts this tax credit from the Illinois Income Tax Act's automatic sunset provision, making it permanent