Bill Text: IL HB2595 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to $1,500 for each person who is claimed as a dependent of the taxpayer for the taxable year under Section 152 of the Internal Revenue Code. Effective immediately.

Spectrum: Partisan Bill (Republican 2-0)

Status: (Introduced) 2023-03-16 - Added Co-Sponsor Rep. Chris Miller [HB2595 Detail]

Download: Illinois-2023-HB2595-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2595 Introduced , by Rep. Adam M. Niemerg SYNOPSIS AS INTRODUCED:
35 ILCS 5/234 new
Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to $1,500 for each person who is claimed as a dependent of the taxpayer for the taxable year under Section 152 of the Internal Revenue Code. Effective immediately.
LRB103 29479 HLH 55874 b
A BILL FOR
HB2595 LRB103 29479 HLH 55874 b
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by
adding Section 234 as follows:
(35 ILCS 5/234 new)
Sec. 234. Dependent tax credit.
(a) For taxable years beginning on or after January 1,
2024, there shall be allowed a credit against the tax imposed
by subsections (a) and (b) of Section 201 in an amount
calculated under subsection (b). The credit under this Section
may not reduce the taxpayer's liability to less than zero.
(b) The maximum amount of the credit allowed under this
Section is $1,500 for each person who is claimed as a dependent
of the taxpayer for the taxable year under Section 152 of the
Internal Revenue Code.
(c) The Department of Revenue may adopt rules necessary or
appropriate to carry out the purposes of this Section.
(d) This Section is exempt from Section 250.
Section 99. Effective date. This Act takes effect upon
becoming law.