S.B. 4006, S.B. 4010 and S.B 4020, which were introduced Monday and sponsored or co-sponsored by Sen. Ram Villivalam, D-Chicago, would allow credits for businesses that hire employees who are unemployed as a result of the pandemic immediately prior to their hiring.
S.B. 4010 and S.B. 4020 would both provide credits to employers that hire a qualified resident to a new full-time job for taxable years between Jan. 1, 2020, and Jan. 1, 2025. The bills would provide $2,500 per hire for businesses with 100 to 500 employees and $5,000 for businesses with up to 100 employees. S.B. 4010 would also establish a $1,500 credit for businesses with over 500 employees.
Both bills would also increase credit amounts by $500 per hire if the employee resided in designated areas meeting a threshold poverty rate, unemployment rate or participation rate in free child lunch or nutrition assistance programs.
S.B. 4006 provides credits similar to S.B. 4020's but would not limit them to employees that are hired to a new full-time job and does not offer additional amounts for hires from designated areas.
The bills have been referred to the Senate Assignments Committee for review.
--Editing by Vincent Sherry.
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