|
|
|
|
94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4146
Introduced 10/25/2005, by Rep. Patricia R. Bellock - Carolyn H. Krause - David R. Leitch - Elizabeth Coulson - Rosemary Mulligan SYNOPSIS AS INTRODUCED:
|
|
|
|
Amends the Illinois Income Tax Act. For taxable years ending on or after December 31, 2006, allows small businesses that provide health care insurance for their employees to claim a tax credit in an amount equal to $100 for each employee covered, $50 for each spouse covered, and $40 for each dependent (up to 2 dependents) covered. Provides that the taxpayer may not carry the credit forward or back and that the credit may not reduce a taxpayer's liability to less than zero. Exempts the credit from the Act's sunset provisions. Effective immediately.
|
| |
|
|
| FISCAL NOTE ACT MAY APPLY | |
|
|
|
A BILL FOR
|
|
|
|
|
HB4146 |
|
LRB094 14896 BDD 49925 b |
|
|
| 1 |
| AN ACT concerning revenue.
|
| 2 |
| Be it enacted by the People of the State of Illinois,
|
| 3 |
| represented in the General Assembly:
|
| 4 |
| Section 5. The Illinois Income Tax Act is amended by adding |
| 5 |
| Section 216 as follows:
|
| 6 |
| (35 ILCS 5/216 new) |
| 7 |
| Sec. 216. Health care tax credit. |
| 8 |
| (a) For tax years ending on or after December 31, 2006, |
| 9 |
| each taxpayer that is a small
business that provides health |
| 10 |
| care insurance for its employees is entitled to a credit |
| 11 |
| against the tax imposed by subsections (a)
and (b) of Section |
| 12 |
| 201 in an amount equal to: |
| 13 |
| (1) $100 for each employee who is covered by the |
| 14 |
| taxpayer; |
| 15 |
| (2) $50 for each employee's spouse who is covered by |
| 16 |
| the taxpayer; and |
| 17 |
| (3) $40 for each dependent, other than the employee's |
| 18 |
| spouse, who is covered by the taxpayer, not to exceed 2 |
| 19 |
| dependents of an employee in addition to the employee's |
| 20 |
| spouse.
|
| 21 |
| (b) For the purposes of this Section, "small business" |
| 22 |
| means any
business entity with 50 or
fewer employees.
|
| 23 |
| (c) If the taxpayer is a partnership or Subchapter S
|
| 24 |
| corporation, the credit is allowed to the partners or
|
| 25 |
| shareholders in accordance with the determination of income
and |
| 26 |
| distributive share of income under Sections 702 and 704
and |
| 27 |
| Subchapter S of the Internal Revenue Code.
|
| 28 |
| (d) The credit may not be carried forward or back. In no
|
| 29 |
| event shall a credit under this Section reduce the taxpayer's
|
| 30 |
| liability to less than zero. |
| 31 |
| (e) The Section is exempt from the provisions of Section |
| 32 |
| 250.
|