Bill Status of HB5005 94th General Assembly
Short Description: INC TX-MEDICARE CREDIT
Rep. Elizabeth Coulson - Sidney H. Mathias - Raymond Poe - Roger L. Eddy - Aaron Schock and Lou Lang
| 1/9/2007||House||Session Sine Die|
Statutes Amended In Order of Appearance
Synopsis As Introduced
Amends the Illinois Income Tax Act. Allows a credit against income tax for individual taxpayers who are 62 years of age or older in an amount equal to the aggregate amount that the taxpayer pays during the taxable year to qualify for Medicare Part D benefits under Title XVIII of the federal Social Security Act. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Exempts the credit from the sunset provisions. Effective immediately.