102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
Introduced 5/7/2021, by Rep. Amy Grant
SYNOPSIS AS INTRODUCED:
35 ILCS 5/224
35 ILCS 40/40
35 ILCS 40/65
Amends the Illinois Income Tax Act and the Invest in Kids Act.
Provides that the Invest in Kids credit applies permanently (currently,
the credit applies for taxable years ending before January 1, 2023).
|FISCAL NOTE ACT MAY APPLY|
A BILL FOR
|HB4076||LRB102 18272 HLH 25959 b|
AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Illinois Income Tax Act is amended by
changing Section 224 as follows:
(35 ILCS 5/224)
Invest in Kids credit.
(a) For taxable years beginning on or after January 1,
and ending before January 1, 2023
, each taxpayer for whom
a tax credit has been awarded by the Department under the
Invest in Kids Act is entitled to a credit against the tax
imposed under subsections (a) and (b) of Section 201 of this
Act in an amount equal to the amount awarded under the Invest
in Kids Act.
(b) For partners, shareholders of subchapter S
corporations, and owners of limited liability companies, if
the liability company is treated as a partnership for purposes
of federal and State income taxation, the credit under this
Section shall be determined in accordance with the
determination of income and distributive share of income under
Sections 702 and 704 and subchapter S of the Internal Revenue
(c) The credit may not be carried back and may not reduce