Amends the Small Business Job Creation Tax Credit Act. Makes it possible for a person who operates an Illinois business having between 51 and 75 full-time employees to apply for the Small Business Job Creation Tax Credit. (Previously, only persons operating an Illinois business having 50 or fewer employees were eligible to apply for that credit.) Extends the incentive period from June 30, 2011 to June 30, 2012, if the seasonally adjusted unemployment rate of the State of Illinois for the month of May 2011 is 7.0% or higher, as reported by the Illinois Department of Employment Security. Raises the cap on the credit from $2,500 to $3,500 for each new employee hired. Changes the manner in which the net increase in full-time Illinois employees is calculated in the event that the incentive period is extended. Effective immediately.
Sponsored bills
Amends the Local Government Facility Lease Act. Provides that the corporate authorities of specified units of local government may not enter into or renew a lease with a private entity for the use of facility property (property used for the purpose of an airport, parking, or waste disposal or processing facilities) until the question of entering into or renewing the lease has been submitted to the electors of the unit of local government. Sets forth the requirements for the referendum. Effective immediately.
Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 2% of the basis of certain property used for manufacturing, mining, or retail that is placed in service during the taxable year. Provides for an additional credit equal to 2% of the basis of the qualified property if the taxpayer meets certain employment criteria. Provides that, if the property ceases to be qualified property in the hands of the taxpayer within 48 months after being placed in service, or if the situs of any qualified property is moved outside Illinois within 48 months after being placed in service, then the taxpayer's base income for the taxable year in which the property is moved or ceases to be qualified property shall be increased by the amount of the credit previously awarded to the taxpayer that is attributable to that property. Contains other provisions. Effective immediately.
Amends the Property Tax Code. Removes a requirement that taxpayers in a county with 3,000,000 inhabitants must reapply for the Senior Citizens Homestead Exemption on an annual basis.
Mourns the death of Philip G. Greco, Sr.
Mourns the death of Frank Eugene Bekielewski of Chicago.
Mourns the death of John J. "Jack" Martin Jr.
Mourns the death of Randall "Randy" Sherman.