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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4250 Introduced 1/16/2024, by Rep. Maurice A. West, II SYNOPSIS AS INTRODUCED:
| | | Amends the Illinois Income Tax Act. Creates an income tax credit of $250 for taxpayers who make 4 or more qualified donations of human whole blood or human blood components during the taxable year. Effective immediately. |
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| | A BILL FOR |
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| | HB4250 | | LRB103 35602 HLH 65675 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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | adding Section 241 as follows:
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| 6 | | (35 ILCS 5/241 new) |
| 7 | | Sec. 241. Credit for blood bank donations. |
| 8 | | (a) For taxable years beginning on or after January 1, |
| 9 | | 2025, each taxpayer is entitled to a credit against the taxes |
| 10 | | imposed by subsections (a) and (b) of Section 201 in the amount |
| 11 | | of $250, provided that (i) the taxpayer made at least 4 |
| 12 | | donations of human whole blood or human blood components |
| 13 | | during the taxable year in which the credit is claimed and (ii) |
| 14 | | each donation was made to a blood bank, as defined in the |
| 15 | | Illinois Clinical Laboratory and Blood Bank Act, that |
| 16 | | qualified as an exempt organization under Section 501(c)(3) of |
| 17 | | the Internal Revenue Code during the taxable year in which the |
| 18 | | donation was made. |
| 19 | | (b) In no event shall a credit under this Section reduce |
| 20 | | the taxpayer's liability to less than zero. If the amount of |
| 21 | | the credit exceeds the tax liability for the year, the excess |
| 22 | | may be carried forward and applied to the tax liability of the |
| 23 | | 5 taxable years following the excess credit year. The tax |