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1 AN ACT regarding taxes.
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 changing Section 212 as follows:
6 (35 ILCS 5/212)
7 (Section scheduled to be repealed on June 1, 2003)
8 Sec. 212. Earned income tax credit.
9 (a) With respect to the federal earned income tax credit
10 allowed for the taxable year under Section 32 of the federal
11 Internal Revenue Code, 26 U.S.C. 32, each individual taxpayer
12 is entitled to a credit against the tax imposed by
13 subsections (a) and (b) of Section 201 in an amount equal to
14 5% of the federal tax credit for each taxable year beginning
15 on or after January 1, 2000 and ending on or before December
16 31, 2002.
17 For a non-resident or part-year resident, the amount of
18 the credit under this Section shall be in proportion to the
19 amount of income attributable to this State.
20 (b) For taxable years beginning before January 1, 2003,
21 in no event shall a credit under this Section reduce the
22 taxpayer's liability to less than zero. For each taxable
23 year beginning on or after January 1, 2003, if the amount of
24 the credit exceeds the income tax liability for the
25 applicable tax year, then the excess credit shall be refunded
26 to the taxpayer. The amount of a refund shall not be
27 included in the taxpayer's income or resources for the
28 purposes of determining eligibility or benefit level in any
29 means-tested benefit program administered by a governmental
30 entity unless required by federal law.
31 (b-5) Refunds authorized by subsection (b) are subject to
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1 the availability of funds from the federal Temporary
2 Assistance for Needy Families Block Grant and the State's
3 ability to meet its required Maintenance of Effort.
4 (c) This Section is exempt from the provisions of
5 Section 250repealed on June 1, 2003.
6 (Source: P.A. 91-700, eff. 5-11-00.)
7 Section 99. Effective date. This Act takes effect upon
8 becoming law.