|
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3958 Introduced , by Rep. Joe Sosnowski SYNOPSIS AS INTRODUCED:
|
| |
Amends the Illinois Income Tax Act. Creates a credit for married persons in an amount equal to 3% of the federal adjusted gross income of the spouse with the lower federal adjusted gross income, but not to exceed $480 per taxable year. Effective immediately.
|
| |
| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
|
|
| | HB3958 | | LRB099 10371 HLH 30598 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 224 as follows:
|
| 6 | | (35 ILCS 5/224 new) |
| 7 | | Sec. 224. Married persons credit. |
| 8 | | (a) For taxable years beginning on or after January 1, |
| 9 | | 2016, married persons filing a joint return may claim a credit |
| 10 | | against the tax imposed by subsections (a) and (b) of Section |
| 11 | | 201 in an amount equal to 3% of the federal adjusted gross |
| 12 | | income of the spouse with the lower federal adjusted gross |
| 13 | | income, but not to exceed $480 per taxable year. |
| 14 | | (b) In no event shall a credit under this Section reduce |
| 15 | | the taxpayer's liability to less than zero. The credit may not |
| 16 | | be carried forward or back, but may be refunded to the |
| 17 | | taxpayer. |
| 18 | | (c) This Section is exempt from the provisions of Section |
| 19 | | 250.
|
| 20 | | Section 99. Effective date. This Act takes effect upon |
| 21 | | becoming law.
|