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| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3567 Introduced , by Rep. Jehan A. Gordon-Booth SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 10% of any long-term care insurance premiums paid by the taxpayer during the taxable year. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | HB3567 | | LRB099 08067 HLH 28213 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by adding |
| 5 | | Section 224 as follows:
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| 6 | | (35 ILCS 5/224 new) |
| 7 | | Sec. 224. Credit for long-term care insurance. |
| 8 | | (a) For taxable years ending on or after December 31, 2015, |
| 9 | | each individual taxpayer is entitled to a credit against the |
| 10 | | tax imposed under subsections (a) and (b) of Section 201 in an |
| 11 | | amount equal to 10% of any long-term care insurance premiums |
| 12 | | paid by the taxpayer during the taxable year. |
| 13 | | (b) The credit may not be carried back. If the amount of |
| 14 | | the credit exceeds the tax liability for the year, the excess |
| 15 | | may be carried forward and applied to the tax liability of the |
| 16 | | 5 taxable years following the excess credit year. The tax |
| 17 | | credit shall be applied to the earliest year for which there is |
| 18 | | a tax liability. If there are credits for more than one year |
| 19 | | that are available to offset a liability, the earlier credit |
| 20 | | shall be applied first. |
| 21 | | (c) This Section is exempt from the provisions of Section |
| 22 | | 250.
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