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IL SB3542
Bill
Status
Introduced
2/5/2026
Primary Sponsor
Chapin Rose
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AI Summary
- Creates an income tax credit for small employers (50 or fewer employees) equal to the amount paid to employees as required paid leave under the Paid Leave for All Workers Act
- Caps the credit at 40 hours of paid leave per employee per calendar year
- Excess credits that exceed tax liability may be carried forward for up to 5 taxable years
- Applies to partnerships and S corporations under existing pass-through provisions
- Effective January 1, 2027
Legislative Description
INC TX- PAID TIME OFF
Last Action
Referred to Assignments
2/5/2026
Committee Referrals
Assignments2/5/2026
Full Bill Text
No bill text available