96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB5423


 
Introduced 2/5/2010, by Rep. Charles E. Jefferson
 
SYNOPSIS AS INTRODUCED:
 		





 







35 ILCS 5/219 new











     Amends the Illinois Income Tax Act.  Creates a credit in an amount equal to 5% of wages paid by the taxpayer during the taxable year to one or more homeless Illinois residents.  Provides that the credit may not exceed $600 in each taxable year.  Provides that the credit may not reduce the taxpayer's liability to less than zero.  Provides that any excess credit may be carried forward.  Exempts the credit from the Act's automatic sunset provision.
  















LRB096 19287 HLH 34678 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 




  






HB5423

LRB096 19287 HLH 34678 b





  
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    AN ACT concerning revenue.
  
 
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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 219 as follows:
 
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    (35 ILCS 5/219 new)
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    Sec. 219. Credit for wages paid to homeless persons.  For 
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each taxable year beginning on or after January 1, 2010, each 
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taxpayer is entitled to a credit against the tax imposed by 
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subsections (a) and (b) of Section 201 of this Act in an amount 
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equal to 5% of wages paid by the taxpayer during the taxable 
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year to one or more homeless Illinois residents. The total 
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credit allowed to a taxpayer with respect to each homeless 
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person may not exceed $600 in each taxable year. For partners, 
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shareholders of Subchapter S corporations, and owners of 
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limited liability companies, if the liability company is 
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treated as a partnership for purposes of federal and State 
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income taxation, there shall be allowed a credit under this 
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Section to be determined in accordance with the determination 
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of income and distributive share of income under Sections 702 
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and 704 and Subchapter S of the Internal Revenue Code.
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    In no event shall a credit under this Section reduce the 
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taxpayer's liability to less than zero. If the amount of the 
 


 






HB5423
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credit exceeds the tax liability for the year, the excess may 
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be carried forward and applied to the tax liability of the 5 
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taxable years following the excess credit year. The tax credit 
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shall be applied to the earliest year for which there is a tax 
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liability. If there are credits for more than one year that are 
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available to offset a liability, the earlier credit shall be 
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applied first. 
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    This Section is exempt from the provisions of Section 250.