HB4960 103RD GENERAL ASSEMBLY

LRB103 38894 HLH 69031 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB4960

Introduced 2/7/2024, by Rep. Maura Hirschauer

SYNOPSIS AS INTRODUCED:

35 ILCS 5/241 new

Amends the Illinois Income Tax Act. Creates an income tax credit for each taxpayer who makes a contribution during the taxable year to a domestic violence shelter or domestic violence service program administered by the Department of Human Services in an amount equal to 70% of the contribution amount, but not to exceed $50,000 per taxpayer in any taxable year. Effective immediately.

A BILL FOR

AN ACT concerning revenue.

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

Section 5. The Illinois Income Tax Act is amended by adding Section 241 as follows:

(35 ILCS 5/241 new)

Sec. 241. Domestic violence shelter tax credit.

(a) For tax years beginning on or after January 1, 2025, each taxpayer who makes a contribution during the taxable year to a domestic violence shelter or service program administered by the Department of Human Services under the Domestic Violence Shelters Act is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 in an amount equal to 70% of the contribution amount, but not to exceed $50,000 per taxpayer in any taxable year.

(b) In no event shall a credit under this Section reduce the taxpayer's liability to less than zero. If the amount of the credit exceeds the tax liability for the year, the excess may be carried forward and applied to the tax liability of the next succeeding taxable year. Tax credits issued pursuant to this Section shall not be assigned, transferred, or sold.

(c) Except for any excess credit that is carried over pursuant to subsection (b), a taxpayer may not claim a tax credit under this Section unless the total amount of the taxpayer's contributions to domestic violence shelters, service programs, or both during the taxable year a has a value of at least $100.

(d) As used in this Section, "contribution" means a donation of cash, stock, bonds or other marketable securities, or real property.

Section 99. Effective date. This Act takes effect upon becoming law.