Illinois General Assembly - Full Text of HB2906
Illinois General Assembly

Previous General Assemblies

Full Text of HB2906  93rd General Assembly

HB2906 93rd General Assembly


                                     LRB093 04443 SJM 04495 b

 1        AN ACT to amend the Illinois Income Tax Act.

 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 213 as follows:

 6        (35 ILCS 5/213 new)
 7        Sec.  213.  Tax  credit  for  long  term  care  insurance
 8    premiums.  For taxable years ending on or after December  31,
 9    2004,  an individual taxpayer is entitled to a credit against
10    the tax imposed by subsections (a) and (b) of Section 201  in
11    an  amount  equal  to  15%  of  the premium costs paid by the
12    taxpayer during the taxable year for a  qualified  long  term
13    care  insurance  contract  as defined by Section 7702B of the
14    Internal Revenue Code that  offers  coverage  to  either  the
15    individual  or  the individual's spouse, parent, or dependent
16    as defined in Section 152 of the Internal Revenue Code.   The
17    credit  allowed  under  this  Section may not exceed $200 for
18    each qualified long term care policy or  the  amount  of  the
19    taxpayer's  liability  under  this Act, whichever is less.  A
20    taxpayer is not  entitled  to  the  credit  with  respect  to
21    amounts  expended  for  the  same  qualified  long  term care
22    insurance contract that are claimed by another taxpayer.   If
23    the  amount  of  the  credit exceeds the taxpayer's liability
24    under this Act for the year,  then  the  excess  may  not  be
25    carried  forward to apply to the taxpayer's liability for the
26    succeeding year.  The provisions of Section 250 do not  apply
27    to the credit under this Section.
28    (Source: P.A. 91-700, eff. 5-11-00.)

29        Section  99.   Effective  date.  This Act takes effect on
30    January 1, 2004.