IL SB1505

Renews the Small Business Job Creation Tax Credit program for a new period beginning July 1, 2025 and ending June 30, 2032, after the original program ended June 30, 2016

Provides tax credits of up to $2,500 per new employee for small businesses with 50 or fewer full-time employees that create net new jobs in Illinois

Tightens the definition of "full-time employee" to require at least 35 hours per week, removing the previous alternative standard of "any other standard of service generally accepted by industry custom or practice"

Requires replacement employees to be hired within 8 weeks after a position becomes vacant to maintain credit eligibility, replacing the previous "reasonable time" standard

Removes provisions related to the Put Illinois to Work Program for the new incentive period, limiting those provisions to the original 2010-2016 program period