102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
HB5155

 

Introduced 1/27/2022, by Rep. Tom Demmer

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/232 new

    Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers whose federal adjusted gross income does not exceed specified amounts. Provides that the credit shall be equal to $400 for taxpayers filing a joint return and $200 for all other taxpayers. Effective immediately.


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A BILL FOR

 

HB5155LRB102 23391 HLH 32560 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by
5adding Section 232 as follows:
 
6    (35 ILCS 5/232 new)
7    Sec. 232. Inflation protection credit.
8    (a) For taxable years that begin on or after January 1,
92022 and begin prior to January 1, 2023, qualified taxpayers
10are entitled to a credit against the tax imposed by subsection
11(a) and (b) of Section 201 in an amount equal to $400 for
12taxpayers filing a joint return and $200 for all other
13taxpayers.
14    (b) In no event shall a credit under this Section reduce
15the taxpayer's liability to less than zero. If the amount of
16the credit exceeds the tax liability for the year, the excess
17may be refunded to the taxpayer.
18    (c) For the purposes of this Section, "qualified taxpayer"
19means an individual (and the spouse of that individual if
20filing a joint return) who:
21        (1) is a United States citizen or United States
22    resident alien; and
23        (2) is not a dependent of another taxpayer; and

 

 

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1        (3) has a federal adjusted gross income that does not
2    exceed:
3            (A) $150,000 if married and filing a joint return
4        or if filing as a qualifying widow or widower;
5            (B) $112,500 if filing as head of household; or
6            (C) $75,000 for an individual who does not qualify
7        under paragraphs (A) or (B).
 
8    Section 99. Effective date. This Act takes effect upon
9becoming law.