Sen. Mike Simmons
Filed: 3/31/2021
 
 

 

 

 
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1
AMENDMENT TO SENATE BILL 2132 




2    AMENDMENT NO. ______. Amend Senate Bill 2132 by replacing 
3everything after the enacting clause with the following:


 
 
4    "Section 5. The Illinois Income Tax Act is amended  by 
5adding Section 232 as follows:
 
6    (35 ILCS 5/232 new)
7    Sec. 232. Child tax credit.
8    (a) For taxable years beginning on or after January 1, 
92022, there shall be allowed as a credit against the tax 
10imposed by subsections (a) and (b) of Section 201 for the 
11taxable year with respect to each child of the taxpayer who is 
12under the age of 17 and for whom the taxpayer is allowed an 
13additional exemption under Section 204 an amount equal to 
14$600. 
15    (b) The amount of the credit allowed under subsection (a) 
16shall be reduced by $50 for each $2,000 by which the taxpayer's 
 
 
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1net income exceeds $60,000 in the case of a joint return or 
2exceeds $40,000 in the case of any other form of return. 
3    (c) In no event shall a credit under this Section reduce 
4the taxpayer's liability to less than zero. 
5    (d) This Section is exempt from the provisions of Section 
6250. 
  
 
7    Section 99. Effective date. This Act takes effect upon 
8becoming law.".