*LRB10017769HLH32947b* HB5778 100THEngrossed GENERALLRB100 ASSEMBLY17769 StateHLH of32947 Illinoisb andAN 2018ACT HB5778concerning byrevenue. Rep.

Katie Stuart SYNOPSIS AS INTRODUCED:

ILCS 5/217 paid to qualified veterans also extends to wages paid to a qualifiedwages veteran's spouse.

Effective immediately.

LRB100 17769 HLH 32947 b A BILL FOR HB5778 LRB100 17769 HLH 32947 b AN ACT concerning revenue.

For each taxable year that begins beginning on or after January 1, 2010,2010 and begins prior to January 1, 2015, each taxpayer is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 of this Act in an amount equal to 10%, but in no event to exceed $1,200, of the gross wages paid by the taxpayer to a qualified veteran or the spouse of a qualified veteran in the course of that veteran's or spouse's sustained employment during the taxable year.

For partners,each shareholderstaxable ofyear Subchapterthat Sbegins corporations,on or after January 1, 2018 and ownersbegins ofprior HB5778 Engrossed - 2 - LRB100 17769 HLH 32947 b limitedto liabilityJanuary companies,1, if2022, theeach liabilitytaxpayer company is treatedentitled asto a partnershipcredit foragainst purposesthe oftax federalimposed andby Statesubsections income(a) taxation,and there(b) shallof beSection allowed201 aof creditthis underAct thisin Sectionan amount equal to be10%, determinedbut in accordanceno withevent theto determinationexceed $1,200, of incomethe andgross distributivewages sharepaid ofby incomethe undertaxpayer Sectionsto 702a andqualified 704veteran andor Subchapterthe Sspouse of a qualified veteran in the Internalcourse Revenueof Code.that veteran's or spouse's sustained employment during the taxable year.

For partners, shareholders of Subchapter S corporations, and owners of limited liability companies, if the liability company is treated as a partnership for purposes of federal and State income taxation, there shall be allowed a credit under this Section to be determined in accordance with the determination of income and distributive share of income under Sections 702 and 704 and Subchapter S of the Internal Revenue Code.

HB5778 Engrossed - 3 - LRB100 17769 HLH 32947 b (c) In no event shall a credit under this Section reduce the taxpayer's liability to less than zero.

If there are credits for more than one year that are available to offset a liability, the earlier credit HB5778 - 3 - LRB100 17769 HLH 32947 b shall be applied first.