Ill. Admin. Code tit. 59, § 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) ]
Notes
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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) ]