Full Text of SB0676 99th General Assembly
SB0676 99TH GENERAL ASSEMBLY |
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016 SB0676 Introduced 2/3/2015, by Sen. Toi W. Hutchinson SYNOPSIS AS INTRODUCED: |
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Amends the Illinois Income Tax Act. Increases the earned income tax credit to (i) 12% of the federal tax credit for each taxable year beginning on or after January 1, 2015 and ending prior to December 31, 2016, (ii) 14% of the federal tax credit for each taxable year beginning on or after January 1, 2016 and ending prior to December 31, 2017, (iii) 16% of the federal tax credit for each taxable year beginning on or after January 1, 2017 and ending prior to December 31, 2018, (iv) 18% of the federal tax credit for each taxable year beginning on or after January 1, 2018 and ending prior to December 31, 2019, and (v) 20% of the federal tax credit for each taxable year beginning on or after January 1, 2019. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
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| | | SB0676 | | LRB099 07177 HLH 27270 b |
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| 1 | | AN ACT concerning revenue.
| 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 | | Sec. 212. Earned income tax credit.
| 8 | | (a) With respect to the federal earned income tax credit | 9 | | allowed for the
taxable year under Section 32 of the federal | 10 | | Internal Revenue Code, 26 U.S.C.
32, each individual taxpayer | 11 | | is entitled to a credit against the tax imposed by
subsections | 12 | | (a) and (b) of Section 201 in an amount equal to
(i) 5% of the | 13 | | federal tax credit for each taxable year beginning on or after
| 14 | | January 1,
2000 and ending prior to December 31, 2012, (ii) | 15 | | 7.5% of the federal tax credit for each taxable year beginning | 16 | | on or after January 1, 2012 and ending prior to December 31, | 17 | | 2013, and (iii) 10% of the federal tax credit for each taxable | 18 | | year beginning on or after January 1, 2013 and ending prior to | 19 | | December 31, 2015, (iv) 12% of the federal tax credit for each | 20 | | taxable year beginning on or after January 1, 2015 and ending | 21 | | prior to December 31, 2016, (v) 14% of the federal tax credit | 22 | | for each taxable year beginning on or after January 1, 2016 and | 23 | | ending prior to December 31, 2017, (vi) 16% of the federal tax |
| | | SB0676 | - 2 - | LRB099 07177 HLH 27270 b |
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| 1 | | credit for each taxable year beginning on or after January 1, | 2 | | 2017 and ending prior to December 31, 2018, (vii) 18% of the | 3 | | federal tax credit for each taxable year beginning on or after | 4 | | January 1, 2018 and ending prior to December 31, 2019, and | 5 | | (viii) 20% of the federal tax credit for each taxable year | 6 | | beginning on or after January 1, 2019 .
| 7 | | For a non-resident or part-year resident, the amount of the | 8 | | credit under this
Section shall be in proportion to the amount | 9 | | of income attributable to this
State.
| 10 | | (b) For taxable years beginning before January 1, 2003, in | 11 | | no event
shall a credit under this Section reduce the | 12 | | taxpayer's
liability to less than zero. For each taxable year | 13 | | beginning on or after
January 1, 2003, if the amount of the | 14 | | credit exceeds the income tax liability
for the applicable tax | 15 | | year, then the excess credit shall be refunded to the
taxpayer. | 16 | | The amount of a refund shall not be included in the taxpayer's
| 17 | | income or resources for the purposes of determining eligibility | 18 | | or benefit
level in any means-tested benefit program | 19 | | administered by a governmental entity
unless required by | 20 | | federal law.
| 21 | | (c) This Section is exempt from the provisions of Section | 22 | | 250.
| 23 | | (Source: P.A. 97-652, eff. 6-1-12 .)
| 24 | | Section 99. Effective date. This Act takes effect upon | 25 | | becoming law.
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