MIN WAGE-INCOME TAX CREDIT

Amends the Minimum Wage Law. Increases the minimum wage from $8.25 to $9.00 beginning July 1, 2015 and increases it by $0.50 each July 1 until July 1, 2019, at which point the minimum wage will be $11.00. Provides that the establishment of a minimum wage that employers must pay their employees is an exclusive power and function of the State and is a denial and limitation of the home rule powers and functions, except that the limitation on home rule powers does not apply to a specified ordinance adopted by the City Council of City of Chicago. Amends the Illinois Income Tax Act. Creates a credit against the withholding tax liability of employers with fewer than 50 employees, calculated based on the increase in the minimum wage. Effective immediately.