SB1484 101ST GENERAL ASSEMBLY

LRB101 09314 HLH 54409 b

101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB1484

Introduced 2/13/2019, by Sen. Kimberly A. Lightford

SYNOPSIS AS INTRODUCED:

35 ILCS 5/229 new

Amends the Illinois Income Tax Act. Creates a child tax credit in an amount equal to 10% of the federal tax credit allowed under Section 24 of the federal Internal Revenue Code. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 229 as follows:

(35 ILCS 5/229 new)

Sec. 229. Federal child tax credit. For taxable years beginning on or after January 1, 2019 and beginning prior to January 1, 2024, with respect to the federal child tax credit allowed for the taxable year under Section 24 of the federal Internal Revenue Code, 26 U.S.C. 24, each individual taxpayer is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201 in an amount equal to 10% of the federal tax credit.

For a non-resident or part-year resident, the amount of the credit under this Section shall be in proportion to the amount of income attributable to this State.

If the amount of the credit exceeds the income tax liability for the applicable tax year, then the excess credit shall be refunded to the taxpayer. The amount of a refund shall not be included in the taxpayer's income or resources for the purposes of determining eligibility or benefit level in any means-tested benefit program administered by a governmental entity unless required by federal law.

Section 99. Effective date. This Act takes effect upon becoming law.