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90_HB0508
35 ILCS 5/211 new
Amends the Illinois Income Tax Act to create a credit for
an individual in the amount of 20% of the federal earned
income tax credit for that individual beginning with tax
years ending on or after December 31, 1997, and ending with
tax years ending on or before December 31, 2006. Effective
immediately.
LRB9001440KDsb
LRB9001440KDsb
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 211.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Illinois Income Tax Act is amended by
6 adding Section 211 as follows:
7 (35 ILCS 5/211 new)
8 Sec. 211. Earned income tax credit for working families.
9 Beginning with taxable years ending on or after December 31,
10 1997, and ending with taxable years ending on or before
11 December 31, 2006, there is allowed for an individual
12 taxpayer an earned income tax credit against taxes due under
13 this Act equal to 20% of the earned income tax credit
14 allowable for that individual taxpayer for the same taxable
15 year under Section 32 of the Internal Revenue Code of 1986.
16 If a credit allowed under this Section exceeds the tax
17 liability of the taxpayer, the taxpayer shall receive a
18 refund for the amount of the excess.
19 Section 99. This Act takes effect upon becoming a law.