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| | 102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB2132 Introduced 2/26/2021, by Sen. Mike Simmons SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Creates a credit for each child of the taxpayer who is under the age of 17 in an amount equal to $100. Provides that the credit shall be reduced by $5 for each $2,000 by which the taxpayer's net income exceeds $60,000 in the case of a joint return or exceeds $40,000 in the case of any other form of return. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | SB2132 | | LRB102 16393 HLH 21782 b |
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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 232 as follows:
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| 6 | | (35 ILCS 5/232 new) |
| 7 | | Sec. 232. Child tax credit. |
| 8 | | (a) For taxable years beginning on or after January 1, |
| 9 | | 2022, there shall be allowed as a credit against the tax |
| 10 | | imposed by Section 201 for the taxable year with respect to |
| 11 | | each child of the taxpayer who is under the age of 17 and for |
| 12 | | whom the taxpayer is allowed an additional exemption under |
| 13 | | Section 204 an amount equal to $100. |
| 14 | | (b) The amount of the credit allowed under subsection (a) |
| 15 | | shall be reduced by $5 for each $2,000 by which the taxpayer's |
| 16 | | net income exceeds $60,000 in the case of a joint return or |
| 17 | | exceeds $40,000 in the case of any other form of return. |
| 18 | | (c) In no event shall a credit under this Section reduce |
| 19 | | the taxpayer's liability to less than zero. |
| 20 | | (d) This Section is exempt from the provisions of Section |
| 21 | | 250.
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| 22 | | Section 99. Effective date. This Act takes effect upon |