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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB6925
Introduced 02/09/04, by James H. Meyer - Elizabeth Coulson - Sidney H. Mathias SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Allows an income tax credit in an amount
equal to 15% of the premium costs paid for a qualified long term care insurance
contract covering the individual taxpayer or the taxpayer's spouse, parent, or
dependent. Provides that the credit may not exceed $200 or the taxpayer's
liability, whichever is less. Prohibits the carry forward of an excess tax
credit to a succeeding year's tax liability. Exempts the credit from the sunset
provisions. Effective immediately.
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| FISCAL NOTE ACT MAY APPLY | |
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A BILL FOR
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HB6925 |
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LRB093 18330 SJM 44036 b |
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| AN ACT to amend the Illinois Income Tax Act.
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| Be it enacted by the People of the State of Illinois, |
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| 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 213 as
follows:
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| (35 ILCS 5/213)
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| Sec. 213. Film production services credit. For tax years |
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| beginning on or
after January 1, 2004, a taxpayer who has been |
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| awarded a tax credit under the
Film Production Services Tax |
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| Credit Act is entitled to a credit against the
taxes imposed |
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| under subsections (a) and (b) of Section 201 of this Act in an
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| amount determined by the Department of Commerce and Economic |
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| Opportunity
Community Affairs under the
Film Production |
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| Services Tax Credit Act. If the taxpayer is a partnership or
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| Subchapter S corporation, the credit is allowed to the partners |
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| or shareholders
in accordance with the determination of income |
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| and distributive share of income
under Sections 702 and 704 and |
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| Subchapter S of the Internal Revenue Code. The
Department, in |
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| cooperation with the Department of Commerce and Economic |
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| Opportunity
Community
Affairs, must prescribe rules to enforce |
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| and administer the provisions of this
Section. This Section is |
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| exempt from the provisions of Section 250 of this
Act.
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| The credit may not be carried forward or back. In no event |
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| shall a credit
under this Section reduce the taxpayer's
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| liability to less than
zero.
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| (Source: P.A. 93-543, eff. 1-1-04; revised 12-6-03.)
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| Section 99. Effective date. This Act takes effect upon |
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| becoming law. |