Ill. Admin. Code tit. 59 § 130.80

Current through Register Vol. 48, No. 44, November 1, 2024

Section 130.80 - Determination of Credit Amount

a) The Department shall determine the amount of credit awarded under the Act.

b)If Department criteria within this Part and all other requirements under the Act are met, a qualified employer shall be entitled to a tax credit equal to the product of $1 and the number of hours worked by each eligible individual during the eligible individual's period of employment with the qualified employer. [35 ILCS 50/3-15(d) ]

c)The tax credit awarded under this Act may not exceed $2,000 per eligible individual employed by the qualified employer in this State. [35 ILCS 50/3-15(d) ]

d)The aggregate amount of all credits the Department may award under this Act in any calendar year may not exceed $2,000,000. [35 ILCS 50/3-15(e) ]

e)In determining the amount of tax credit that any qualified employer may claim, the Department shall review all claims submitted for credit by all employers and, to the extent that the total amount claimed by employers exceeds the amount allocated for this program in that calendar year, shall issue tax credits on a pro rata basis corresponding to each qualified employer's share of the total amount claimed. [35 ILCS 50/3-15(d) ]

f)A taxpayer who is a qualified employer who has received a certificate of tax credit from the Department shall be allowed a credit against the tax imposed equal to the amount shown on such certificate of tax credit. [35 ILCS 50/3-15(f) ]

g)The credit must be claimed in the taxable year in which the tax credit certificate is issued. The credit cannot reduce a taxpayer's liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the credit may not be carried forward. [35 ILCS 50/3-15(g) ]

Ill. Admin. Code tit. 59, § 130.80

Adopted at 48 Ill. Reg. 903, effective 12/29/2023