93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6922


 
Introduced 02/09/04, by William B. Black - Sidney H. Mathias
 
SYNOPSIS AS INTRODUCED:
 		













35 ILCS 5/216 new










    Amends the Illinois Income Tax Act.  Grants a credit against the tax imposed
by
the Act in the amount of expenditures
during the taxable year for the care of an individual 65 years of age or older
who is claimed as a dependent on the
taxpayer's federal income tax return.  Provides that the amount of the credit
for the taxable year may be no more than
$1,000 or the taxpayer's tax liability for the year, whichever is less.
Allows an excess credit to be carried forward to
the tax liability of 2 succeeding taxable years.  Exempts the credit from the
Act's sunset requirement.  Effective
immediately.
















LRB093 18324 SJM 44030 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB6922

LRB093 18324 SJM 44030 b






1
    AN ACT concerning taxes. 

 
2
    Be it enacted by the People of the State of Illinois, 
3
represented in the General Assembly: 


 
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    Section 5. The Illinois Income Tax Act is amended by adding 
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Section 216 as
follows:


 
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    (35 ILCS 5/216 new)

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    Sec. 216. Eldercare tax credit.   For taxable years ending 
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on or after
December 31, 2004, an individual
taxpayer is 
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entitled to a credit against the taxes imposed by subsections 
10
(a)
and (b) of Section 201 in an amount equal to
the amount of 
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expenditures during the taxable year for the care of an

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individual 65 years of age or older who is claimed
as a 
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dependent on the taxpayer's federal income tax return.  The 
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amount of
the credit for the taxable year may be no
more than 
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$1,000 or the taxpayer's tax liability for the year, whichever 
16
is
less.  If the amount of the credit exceeds the tax
liability 
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for the year, then the excess may be carried forward and 
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applied to
the tax liability of the 2 taxable years
following 
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the excess credit year.  A credit shall be applied to the 
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earliest
year for which there is a tax liability.  If there
are 
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credits from more than one taxable year that are available to 
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offset a
liability, then the earlier credit shall be applied

23
first.  This Section is exempt from the provisions of Section 
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250.



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