093_SB0004eng

 
SB4 Engrossed                        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 7        (Section scheduled to be repealed on June 1, 2003)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)  In no event shall a credit under this Section reduce
21    the taxpayer's liability to less than zero.
22        (c)  This  Section  is  exempt  from  the  provisions  of
23    Section 250 repealed on June 1, 2003.
24    (Source: P.A. 91-700, eff. 5-11-00.)

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