SB3275 97TH GENERAL ASSEMBLY

LRB097 20001 HLH 65301 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3275

Introduced 2/7/2012, by Sen. Toi W. Hutchinson

SYNOPSIS AS INTRODUCED:

35 ILCS 5/223 new

Amends the Illinois Income Tax Act. Creates a credit in the amount of $50 for each exemption allowable to the taxpayer for the taxable year under Section 151 of the Internal Revenue Code for a dependent who is under the age of 18 on the last day of the taxable year. Provides that, 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. 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 223 as follows:

(35 ILCS 5/223 new)

Sec. 223. Dependent child credit.

For taxable years ending on or after December 31, 2012, each individual taxpayer shall be allowed a credit of $50 for each exemption allowable to the taxpayer for the taxable year under Section 151 of the Internal Revenue Code for a dependent who is under the age of 18 on the last day of the taxable year.

If the amount of the credit exceeds the taxpayer's income tax liability for the applicable tax year, then the excess credit shall be refunded to the taxpayer.

This Section is exempt from the provisions of Section 250.

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