Illinois General Assembly - Full Text of HB3567
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Full Text of HB3567  99th General Assembly

HB3567 99TH GENERAL ASSEMBLY

  
  

 


 
99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB3567

 

Introduced , by Rep. Jehan A. Gordon-Booth

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/224 new

    Amends the Illinois Income Tax Act. Creates a credit in an amount equal to 10% of any long-term care insurance premiums paid by the taxpayer during the taxable year. Provides that the credit may be carried forward. Provides that the credit is exempt from the Act's automatic sunset provisions. Effective immediately.


LRB099 08067 HLH 28213 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB3567LRB099 08067 HLH 28213 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by adding
5Section 224 as follows:
 
6    (35 ILCS 5/224 new)
7    Sec. 224. Credit for long-term care insurance.
8    (a) For taxable years ending on or after December 31, 2015,
9each individual taxpayer is entitled to a credit against the
10tax imposed under subsections (a) and (b) of Section 201 in an
11amount equal to 10% of any long-term care insurance premiums
12paid by the taxpayer during the taxable year.
13    (b) The credit may not be carried back. If the amount of
14the credit exceeds the tax liability for the year, the excess
15may be carried forward and applied to the tax liability of the
165 taxable years following the excess credit year. The tax
17credit shall be applied to the earliest year for which there is
18a tax liability. If there are credits for more than one year
19that are available to offset a liability, the earlier credit
20shall be applied first.
21    (c) This Section is exempt from the provisions of Section
22250.
 

 

 

HB3567- 2 -LRB099 08067 HLH 28213 b

1    Section 99. Effective date. This Act takes effect upon
2becoming law.