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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
HB1653 Introduced 2/15/2011, by Rep. Patricia R. Bellock SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Allows an income tax credit in an amount
equal to 15% of the premium costs paid for a qualified long term care insurance
contract covering the individual taxpayer or the taxpayer's spouse, parent, or
dependent. Provides that the credit may not exceed $200 or the taxpayer's
liability, whichever is less. Prohibits the carry forward of an excess tax
credit to a succeeding year's tax liability. Exempts the credit from the sunset
provisions. Effective January 1, 2012.
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| | A BILL FOR |
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| | HB1653 | | LRB097 08380 HLH 48507 b |
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| 1 | | AN ACT to amend the Illinois Income Tax Act.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by adding |
| 5 | | Section 221 as
follows:
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| 6 | | (35 ILCS 5/221 new) |
| 7 | | Sec. 221. Tax credit for long term care insurance premiums. |
| 8 | | For
taxable years ending on or after December 31, 2012, an |
| 9 | | individual taxpayer is
entitled to a credit
against
the tax |
| 10 | | imposed by subsections (a) and (b) of Section 201 in an amount |
| 11 | | equal to
15% of the premium costs paid by the taxpayer during |
| 12 | | the taxable year for a
qualified long term care insurance |
| 13 | | contract as defined by Section 7702B of the
Internal Revenue |
| 14 | | Code that offers coverage to either the individual or the
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| 15 | | individual's spouse, parent, or dependent as defined in Section |
| 16 | | 152 of the
Internal Revenue Code. The credit allowed under this |
| 17 | | Section may not exceed
$200 for each qualified long term care |
| 18 | | policy or the amount of the taxpayer's
liability under this |
| 19 | | Act,
whichever is less. A taxpayer is not entitled to the |
| 20 | | credit with respect to
amounts expended for the same qualified |
| 21 | | long term care insurance contract that
are claimed by another |
| 22 | | taxpayer. If the amount of the credit exceeds the
taxpayer's |
| 23 | | liability under this Act for the year, then the excess may not |