91st General Assembly
Summary of HB3939
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House Sponsors:
CURRIE-DANIELS-TURNER,ART-LYONS,EILEEN-HAMOS, 
   FLOWERS, HOWARD, SHARP, GASH, WOOLARD, FRITCHEY, 
   MOORE,ANDREA, CURRY,JULIE, SILVA, SCHOENBERG, OSTERMAN, 
   O'BRIEN AND RUTHERFORD.

Senate Sponsors:
PETERSON-SULLIVAN-O'MALLEY-GEO-KARIS-LAUZEN

Short description: 
INCM TAX-EARNED INCM TAX CRDIT                                             

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax Act.  Makes technical changes in a      
   Section concerning the short title.                                         
        SENATE AMENDMENT NO. 2                                                 
          Deletes reference to:                                                
          35 ILCS 5/101                                                        
          Adds reference to:                                                   
          35 ILCS 5/212 new                                                    
          35 ILCS 5/901                                                        
        Deletes everything. Amends the Illinois Income Tax Act. Creates        
   the earned income tax credit. Provides that each individual taxpayer        
   is entitled to a credit against the tax imposed by the Act in an            
   amount equal to 5% of the federal earned income tax credit allowed.         
   Applies to taxable years beginning on or after January 1, 2000 and          
   ending on or before December 31, 2002. The credit may not reduce the        
   taxpayer's liability to less than zero. Repeals the credit on June 1,       
   2003. Transfers $35,000,000 from the Tobacco Settlement Recovery Fund       
   to the Income Tax Refund Fund in June of 2000, 2001, 2002. Effective        
   immediately.                                                                
        SENATE AMENDMENT NO. 3                                                 
        Changes the transfers from the Tobacco Settlement Recovery Fund        
   to the Income Tax Refund Fund from June of the years 2000, 2001, and        
   2002 to January of the years 2001, 2002, and 2003.                          
 
Last action on Bill: PUBLIC ACT.............................. 91-0700

   Last action date: 00-05-11

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   2


   END OF INQUIRY 



 Full Text  Bill Status