|
| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 HB3950 Introduced 2/17/2023, by Rep. Marcus C. Evans, Jr. SYNOPSIS AS INTRODUCED: |
| |
Amends the Illinois Income Tax Act. Creates an income tax credit for dependents of the taxpayer. Provides that the maximum amount of the credit is $700 per qualified dependent of the taxpayer. Provides that the maximum amount shall be reduced by $24 for each
$1,000 by which the taxpayer's net income exceeds $75,000 in the case of a joint return or $50,000 in the case of any other form of return. Defines "qualified dependent". Effective immediately.
|
| |
| | A BILL FOR |
|
|
| | HB3950 | | LRB103 27522 HLH 57537 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 |
5 | | adding Section 234 as follows: |
6 | | (35 ILCS 5/234 new) |
7 | | Sec. 234. Dependent tax credit. |
8 | | (a) For taxable years beginning on or after January 1, |
9 | | 2024, there shall be allowed a credit against the tax imposed |
10 | | by subsections (a) and (b) of Section 201 in an amount |
11 | | calculated under subsection (b). If the amount of the credit |
12 | | exceeds the taxpayer's income tax liability under this Act for |
13 | | the applicable tax year, then the excess credit shall be |
14 | | refunded to the taxpayer. Each individual taxpayer, including |
15 | | a taxpayer filing a return using a federal individual taxpayer |
16 | | identification number as prescribed under Section 6109 of the |
17 | | Internal Revenue Code, is entitled to the credit under this |
18 | | Section. |
19 | | (b) The maximum amount of the credit allowed under this |
20 | | Section is $700 per qualified dependent of the taxpayer; |
21 | | however, that amount shall be reduced by $24 for each
$1,000 by |
22 | | which the taxpayer's net income exceeds $75,000 in the case of |
23 | | a joint return or $50,000 in the case of any other form of |