Bill Text: IL HB2511 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit in the amount of $250 for taxpayers who (i) adopt an animal from a no kill animal shelter and (ii) retain ownership of the animal for a period of 6 consecutive months during the taxable year. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee [HB2511 Detail]
Download: Illinois-2023-HB2511-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by | |||||||||||||||||||
5 | adding Section 234 as follows:
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6 | (35 ILCS 5/234 new) | |||||||||||||||||||
7 | Sec. 234. Pet adoption credit. | |||||||||||||||||||
8 | (a) For taxable years beginning on or after January 1, | |||||||||||||||||||
9 | 2023, a taxpayer who (i) adopts an animal from a no kill animal | |||||||||||||||||||
10 | shelter and (ii) retains ownership of the animal for a period | |||||||||||||||||||
11 | of 6 consecutive months during the taxable year is entitled to | |||||||||||||||||||
12 | a credit against the tax imposed by subsections (a) and (b) of | |||||||||||||||||||
13 | Section 201 in the amount of $250. As used in this Section, "no | |||||||||||||||||||
14 | kill animal shelter" means an animal shelter where fewer than | |||||||||||||||||||
15 | 10% of the animals received were euthanized in the previous | |||||||||||||||||||
16 | calendar year. | |||||||||||||||||||
17 | (b) If the amount of the credit exceeds the tax liability | |||||||||||||||||||
18 | for the year, the excess may be carried forward and applied to | |||||||||||||||||||
19 | the tax liability of the 5 tax years following the excess | |||||||||||||||||||
20 | credit year. The tax credit award shall be applied to the | |||||||||||||||||||
21 | earliest year for which there is a tax liability. If there are | |||||||||||||||||||
22 | credits from more than one tax year that are available to | |||||||||||||||||||
23 | offset liability, the earlier credit shall be applied first. |
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1 | In no event may a credit under this Section reduce the | ||||||
2 | taxpayer's liability to less than zero. | ||||||
3 | (c) This Section is exempt from the provisions of Section | ||||||
4 | 250.
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5 | Section 99. Effective date. This Act takes effect upon | ||||||
6 | becoming law.
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