|
|
|
|
SB2173 Engrossed |
|
LRB094 15894 BDD 51116 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. Tax credit for long-term care insurance premiums. |
| 8 |
| For taxable years ending on or after December 31, 2006 and |
| 9 |
| ending on or before December 30, 2011, each individual taxpayer |
| 10 |
| is entitled to a credit against the tax imposed by subsections |
| 11 |
| (a) and (b) of Section 201 in an amount equal to 25% of the |
| 12 |
| premium costs paid by the taxpayer during the taxable year for |
| 13 |
| each qualified long-term care insurance contract, as defined by |
| 14 |
| Section 7702B of the Internal Revenue Code, purchased on or |
| 15 |
| after January 1, 2006 that offers coverage to either the |
| 16 |
| taxpayer or to the taxpayer's spouse, parent, or dependent, as |
| 17 |
| defined in Section 152 of the Internal Revenue Code. The credit |
| 18 |
| allowed under this Section may not exceed $100 for each |
| 19 |
| qualified long-term care policy or the amount of the taxpayer's |
| 20 |
| liability under this Act, whichever is less. If the amount of |
| 21 |
| the credit exceeds the taxpayer's liability under this Act for |
| 22 |
| the year, then the excess may not reduce the taxpayer's |
| 23 |
| liability to less than zero and may not be carried forward to |
| 24 |
| apply to the taxpayer's liability for any succeeding year. A |
| 25 |
| taxpayer is not entitled to the credit with respect to amounts |
| 26 |
| expended for the same qualified long-term care insurance |
| 27 |
| contract that are claimed by another taxpayer.
|
| 28 |
| Section 99. Effective date. This Act takes effect upon |
| 29 |
| becoming law.
|