95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5952


 
Introduced , by Rep. Ruth Munson - Rosemary Mulligan
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/218 new










    Amends the Illinois Income Tax Act. Creates a credit for individual taxpayers who pay a private  health insurance premium for coverage for themselves or for a dependent. Provides that the amount of the credit is equal to the premium paid during that taxable year up to  $500 per covered individual, but not to exceed $1,000 per taxable year. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. 
















LRB095 18376 BDD 44462 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB5952

LRB095 18376 BDD 44462 b






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    AN ACT concerning revenue.

 
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    Be it enacted by the People of the State of Illinois,
 
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represented in the General Assembly:


 
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    Section 5. The Illinois Income Tax Act is amended  by adding 
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Section 218 as follows:
 
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    (35 ILCS 5/218  new)
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    Sec. 218. Health insurance premium credit.
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    (a) For taxable years ending on or after December 31, 2008 
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and on or before December 30, 2013, each taxpayer who, during 
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the taxable year, pays a private  health insurance premium for 
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coverage for him or herself or for a dependent is entitled to a 
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credit against the tax imposed under subsections (a) and (b) of 
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Section 201 in an amount equal to the premium paid during that 
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taxable year up to  $500 per covered individual. In no event, 
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however, may the credit under this Section exceed $1,000 per 
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taxable year.
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    (b) For the purposes of this Section, "private  health 
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insurance premium" means a health insurance premium to which no 
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employer makes a contribution.
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    (c) The credit under this Section may not be carried 
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forward or back and may not reduce the taxpayer's liability to 
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less than zero.