HB4684 94TH GENERAL ASSEMBLY

LRB094 17228 BDD 52517 b

94TH GENERAL ASSEMBLY
State of Illinois
2005 and 2006
HB4684

Introduced 1/12/2006, by Rep. Rich Brauer

SYNOPSIS AS INTRODUCED:

35 ILCS 5/216 new

Amends the Illinois Income Tax Act. Provides that for taxable years ending on or after December 31, 2006, each taxpayer who was a member in good standing of a volunteer fire department during the entire taxable year is entitled to an income tax credit. Provides that the credit may not exceed $500 or the amount of the taxpayer's liability under this Act, whichever is less. Prohibits the carry forward of an excess tax credit to a succeeding year's tax liability. Exempts the provisions from the sunset requirements. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

AN ACT concerning taxes.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Illinois Income Tax Act is amended by adding Section 216 as follows:

(35 ILCS 5/216 new)

Sec. 216. Tax credit for volunteer firefighters.

(a) For taxable years ending on or after December 31, 2006, each taxpayer who was a member in good standing of a volunteer fire department during the entire taxable year is entitled to a credit against the tax imposed by subsections (a) and (b) of Section 201. The credit allowed under this Section may not exceed $500 or the amount of the taxpayer's liability under this Act, whichever is less. If the amount of the credit exceeds the taxpayer's liability under this Act for the year, then the excess may not be carried forward to apply to the taxpayer's liability for the succeeding year.

(b) For the purposes of this Section, "volunteer firefighter" means a firefighter who does not receive monetary compensation for his or her services to a fire department or fire protection district. Monetary compensation does not include a monetary incentive awarded to a firefighter by the board of trustees of a fire protection district under Section 6 of the Fire Protection Act.

(c) This Section is exempt from the provisions of Section 250.

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