SMALL BUSINESS-INCENTIVES House SponsorsRep. Curtis J. Tarver, II 1/7/2025HouseSession Sine Die 35 ILCS 25/1035 ILCS 25/2535 ILCS 25/3035 ILCS 25/3535 ILCS 25/45 Amends the Small Business Job Creation Tax Credit Act. Creates a second set of incentive periods beginning on July 1, 2024 and ending on June 30, 2030. Provides that the basic wage for the second set of incentive periods is $15 per hour. Provides that the credit may not exceed $2,500 per new employee hired, except that, if the new employee is a returning citizen, then the credit for that employee may not exceed $3,500. Provides that the term "returning citizen" means an individual who (i) is a resident of Illinois, (ii) was formerly incarcerated in a federal, State, or local correctional institution, and (iii) is a new employee. Provides that the aggregate amount of credits that may be awarded under the Act is (i) $50,000,000 for new employees other than returning citizens and (ii) $5,000,000 for returning citizens. Adds provisions concerning recapture of the credit if the employee is terminated by the taxpayer within one year after the credit is awarded. Effective immediately. 1/31/2024HouseFiled with the Clerk by Rep. Curtis J. Tarver, II 2/6/2024HouseFirst Reading 2/6/2024HouseReferred to Rules Committee 1/7/2025HouseSession Sine Die