Illinois General Assembly - Full Text of SB0004
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Full Text of SB0004  93rd General Assembly

SB0004enr 93rd General Assembly


SB4 Enrolled                         LRB093 03463 SJM 03489 b

 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 7        (Section scheduled to be repealed on June 1, 2003)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
SB4 Enrolled               -2-       LRB093 03463 SJM 03489 b
 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 5    Section 250 repealed on June 1, 2003.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.