Full Text of SB0400 097th General Assembly
SB0400enr 97TH GENERAL ASSEMBLY |
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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 Sections 204 and 212 as follows:
| 6 | | (35 ILCS 5/204) (from Ch. 120, par. 2-204)
| 7 | | Sec. 204. Standard Exemption.
| 8 | | (a) Allowance of exemption. In computing net income under | 9 | | this Act, there
shall be allowed as an exemption the sum of the | 10 | | amounts determined under
subsections (b), (c) and (d), | 11 | | multiplied by a fraction the numerator of which
is the amount | 12 | | of the taxpayer's base income allocable to this State for the
| 13 | | taxable year and the denominator of which is the taxpayer's | 14 | | total base income
for the taxable year.
| 15 | | (b) Basic amount. For the purpose of subsection (a) of this | 16 | | Section,
except as provided by subsection (a) of Section 205 | 17 | | and in this
subsection, each taxpayer shall be allowed a basic | 18 | | amount of $1000, except
that for corporations the basic amount | 19 | | shall be zero for tax years ending on
or
after December 31, | 20 | | 2003, and for individuals the basic amount shall be:
| 21 | | (1) for taxable years ending on or after December 31, | 22 | | 1998 and prior to
December 31, 1999, $1,300;
| 23 | | (2) for taxable years ending on or after December 31, |
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| 1 | | 1999 and prior to
December 31, 2000, $1,650;
| 2 | | (3) for taxable years ending on or after December 31, | 3 | | 2000 and prior to December 31, 2012 , $2,000 ; .
| 4 | | (4) for taxable years ending on or after December 31, | 5 | | 2012 and prior to December 31, 2013, $2,050; | 6 | | (5) for taxable years ending on or after December 31, | 7 | | 2013, $2,050 plus the cost-of-living adjustment under | 8 | | subsection (d-5). | 9 | | For taxable years ending on or after December 31, 1992, a | 10 | | taxpayer whose
Illinois base income exceeds the basic amount | 11 | | and who is claimed as a dependent
on another person's tax | 12 | | return under the Internal Revenue Code shall
not be allowed any | 13 | | basic amount under this subsection.
| 14 | | (c) Additional amount for individuals. In the case of an | 15 | | individual
taxpayer, there shall be allowed for the purpose of | 16 | | subsection (a), in
addition to the basic amount provided by | 17 | | subsection (b), an additional
exemption equal to the basic | 18 | | amount for each
exemption in excess of one
allowable to such | 19 | | individual taxpayer for the taxable year under Section
151 of | 20 | | the Internal Revenue Code.
| 21 | | (d) Additional exemptions for an individual taxpayer and | 22 | | his or her
spouse. In the case of an individual taxpayer and | 23 | | his or her spouse, he or
she shall each be allowed additional | 24 | | exemptions as follows:
| 25 | | (1) Additional exemption for taxpayer or spouse 65 | 26 | | years of age or older.
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| 1 | | (A) For taxpayer. An additional exemption of | 2 | | $1,000 for the taxpayer if
he or she has attained the | 3 | | age of 65 before the end of the taxable year.
| 4 | | (B) For spouse when a joint return is not filed. An | 5 | | additional
exemption of $1,000 for the spouse of the | 6 | | taxpayer if a joint return is not
made by the taxpayer | 7 | | and his spouse, and if the spouse has attained the age
| 8 | | of 65 before the end of such taxable year, and, for the | 9 | | calendar year in
which the taxable year of the taxpayer | 10 | | begins, has no gross income and is
not the dependent of | 11 | | another taxpayer.
| 12 | | (2) Additional exemption for blindness of taxpayer or | 13 | | spouse.
| 14 | | (A) For taxpayer. An additional exemption of | 15 | | $1,000 for the taxpayer if
he or she is blind at the | 16 | | end of the taxable year.
| 17 | | (B) For spouse when a joint return is not filed. An | 18 | | additional
exemption of $1,000 for the spouse of the | 19 | | taxpayer if a separate return is made
by the taxpayer, | 20 | | and if the spouse is blind and, for the calendar year | 21 | | in which
the taxable year of the taxpayer begins, has | 22 | | no gross income and is not the
dependent of another | 23 | | taxpayer. For purposes of this paragraph, the
| 24 | | determination of whether the spouse is blind shall be | 25 | | made as of the end of the
taxable year of the taxpayer; | 26 | | except that if the spouse dies during such
taxable year |
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| 1 | | such determination shall be made as of the time of such | 2 | | death.
| 3 | | (C) Blindness defined. For purposes of this | 4 | | subsection, an individual
is blind only if his or her | 5 | | central visual acuity does not exceed 20/200 in
the | 6 | | better eye with correcting lenses, or if his or her | 7 | | visual acuity is
greater than 20/200 but is accompanied | 8 | | by a limitation in the fields of
vision such that the | 9 | | widest diameter of the visual fields subtends an angle
| 10 | | no greater than 20 degrees.
| 11 | | (d-5) Cost-of-living adjustment. For purposes of item (5) | 12 | | of subsection (b), the cost-of-living adjustment for any | 13 | | calendar year and for taxable years ending prior to the end of | 14 | | the subsequent calendar year is equal to $2,050 times the | 15 | | percentage (if any) by which: | 16 | | (1) the Consumer Price Index for the preceding calendar | 17 | | year, exceeds | 18 | | (2) the Consumer Price Index for the calendar year | 19 | | 2011. | 20 | | The Consumer Price Index for any calendar year is the | 21 | | average of the Consumer Price Index as of the close of the | 22 | | 12-month period ending on August 31 of that calendar year. | 23 | | The term "Consumer Price Index" means the last Consumer | 24 | | Price Index for All Urban Consumers published by the United | 25 | | States Department of Labor or any successor agency. | 26 | | If any cost-of-living adjustment is not a multiple of $25, |
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| 1 | | that adjustment shall be rounded to the next lowest multiple of | 2 | | $25. | 3 | | (e) Cross reference. See Article 3 for the manner of | 4 | | determining
base income allocable to this State.
| 5 | | (f) Application of Section 250. Section 250 does not apply | 6 | | to the
amendments to this Section made by Public Act 90-613.
| 7 | | (Source: P.A. 97-507, eff. 8-23-11.)
| 8 | | (35 ILCS 5/212)
| 9 | | Sec. 212. Earned income tax credit.
| 10 | | (a) With respect to the federal earned income tax credit | 11 | | allowed for the
taxable year under Section 32 of the federal | 12 | | Internal Revenue Code, 26 U.S.C.
32, each individual taxpayer | 13 | | is entitled to a credit against the tax imposed by
subsections | 14 | | (a) and (b) of Section 201 in an amount equal to
(i) 5% of the | 15 | | federal tax credit for each taxable year beginning on or after
| 16 | | January 1,
2000 and ending prior to December 31, 2012, (ii) | 17 | | 7.5% of the federal tax credit for each taxable year beginning | 18 | | on or after January 1, 2012 and ending prior to December 31, | 19 | | 2013, and (iii) 10% of the federal tax credit for each taxable | 20 | | year beginning on or after January 1, 2013 .
| 21 | | For a non-resident or part-year resident, the amount of the | 22 | | credit under this
Section shall be in proportion to the amount | 23 | | of income attributable to this
State.
| 24 | | (b) For taxable years beginning before January 1, 2003, in | 25 | | no event
shall a credit under this Section reduce the |
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| 1 | | taxpayer's
liability to less than zero. For each taxable year | 2 | | beginning on or after
January 1, 2003, if the amount of the | 3 | | credit exceeds the income tax liability
for the applicable tax | 4 | | year, then the excess credit shall be refunded to the
taxpayer. | 5 | | The amount of a refund shall not be included in the taxpayer's
| 6 | | income or resources for the purposes of determining eligibility | 7 | | or benefit
level in any means-tested benefit program | 8 | | administered by a governmental entity
unless required by | 9 | | federal law.
| 10 | | (c) This Section is exempt from the provisions of Section | 11 | | 250.
| 12 | | (Source: P.A. 95-333, eff. 8-21-07.)
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