Bill Text: IL HB0484 | 2011-2012 | 97th General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the earned income tax credit.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2013-01-08 - Session Sine Die [HB0484 Detail]
Download: Illinois-2011-HB0484-Introduced.html
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
1 | AN ACT concerning revenue.
| |||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois, | |||||||||||||||||||
3 | represented in the General Assembly:
| |||||||||||||||||||
4 | Section 5. The Illinois Income Tax Act is amended by | |||||||||||||||||||
5 | changing Section 212 as follows:
| |||||||||||||||||||
6 | (35 ILCS 5/212)
| |||||||||||||||||||
7 | Sec. 212. Earned income tax credit.
| |||||||||||||||||||
8 | (a) With respect to the
the federal earned income tax | |||||||||||||||||||
9 | credit allowed for the
taxable year under Section 32 of the | |||||||||||||||||||
10 | federal Internal Revenue Code, 26 U.S.C.
32, each individual | |||||||||||||||||||
11 | taxpayer is entitled to a credit against the tax imposed by
| |||||||||||||||||||
12 | subsections (a) and (b) of Section 201 in an amount equal to
5% | |||||||||||||||||||
13 | of the federal tax credit for each taxable year beginning on or | |||||||||||||||||||
14 | after
January 1,
2000.
| |||||||||||||||||||
15 | For a non-resident or part-year resident, the amount of the | |||||||||||||||||||
16 | credit under this
Section shall be in proportion to the amount | |||||||||||||||||||
17 | of income attributable to this
State.
| |||||||||||||||||||
18 | (b) For taxable years beginning before January 1, 2003, in | |||||||||||||||||||
19 | no event
shall a credit under this Section reduce the | |||||||||||||||||||
20 | taxpayer's
liability to less than zero. For each taxable year | |||||||||||||||||||
21 | beginning on or after
January 1, 2003, if the amount of the | |||||||||||||||||||
22 | credit exceeds the income tax liability
for the applicable tax | |||||||||||||||||||
23 | year, then the excess credit shall be refunded to the
taxpayer. |
| |||||||
| |||||||
1 | The amount of a refund shall not be included in the taxpayer's
| ||||||
2 | income or resources for the purposes of determining eligibility | ||||||
3 | or benefit
level in any means-tested benefit program | ||||||
4 | administered by a governmental entity
unless required by | ||||||
5 | federal law.
| ||||||
6 | (c) This Section is exempt from the provisions of Section | ||||||
7 | 250.
| ||||||
8 | (Source: P.A. 95-333, eff. 8-21-07.)
|