HB 5320

  • Illinois House Bill
  • 102nd Regular Session
  • Introduced in House
  • House
  • Senate
  • Governor

Inc Tx-Minimum Wage Credit

Abstract

Amends the Illinois Income Tax Act. Provides that, for the purposes of calculating a credit against withholding taxes for employers with 50 or fewer full-time equivalent employees, for reporting periods beginning on or after January 1, 2022 and ending on or before December 31, 2024, the maximum credit is 25% of the difference between the amount of compensation paid in Illinois to employees who are paid not more than the required minimum wage reduced by the amount of compensation paid in Illinois to employees who were paid less than the current required minimum wage during the reporting period prior to each increase in the required minimum wage on January 1 (currently: 17% in calendar year 2022; 13% in calendar year 2023; and 9% in calendar year 2024). Effective immediately.

Bill Sponsors (16)

Votes


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Actions


Apr 06, 2022

House

Added Co-Sponsor Rep. Sam Yingling

Apr 01, 2022

House

Added Co-Sponsor Rep. Maurice A. West, II

Mar 30, 2022

House

Added Co-Sponsor Rep. Dave Vella

Feb 18, 2022

House

Rule 19(a) / Re-referred to Rules Committee

Feb 16, 2022

House

Added Co-Sponsor Rep. Elizabeth Hernandez

House

Added Co-Sponsor Rep. Kelly M. Burke

House

Added Co-Sponsor Rep. Tony McCombie

House

Added Co-Sponsor Rep. Janet Yang Rohr

Feb 15, 2022

House

Added Co-Sponsor Rep. Michael Halpin

House

Added Co-Sponsor Rep. David A. Welter

House

Added Co-Sponsor Rep. Kambium Buckner

House

To Income Tax Subcommittee

Feb 14, 2022

House

Added Co-Sponsor Rep. Barbara Hernandez

Feb 09, 2022

House

Added Co-Sponsor Rep. Amy Grant

House

Added Co-Sponsor Rep. Tim Butler

House

Assigned to Revenue & Finance Committee

Feb 04, 2022

House

Added Chief Co-Sponsor Rep. Mark Batinick

Feb 03, 2022

House

Added Chief Co-Sponsor Rep. Terra Costa Howard

Jan 31, 2022

House

Referred to Rules Committee

House

First Reading

Jan 28, 2022

House

Filed with the Clerk by Rep. Margaret Croke

Bill Text

Bill Text Versions Format
Introduced HTML PDF

Related Documents

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Sources

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