|
|
|
|
95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB4706
Introduced , by Rep. Barbara Flynn Currie SYNOPSIS AS INTRODUCED:
|
|
|
|
Amends the Illinois Income Tax Act. Makes a technical change in a Section
concerning the earned income tax credit.
|
| |
|
|
|
|
A BILL FOR
|
|
|
|
|
HB4706 |
|
LRB095 17242 BDD 43302 b |
|
|
| 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. |