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91_SB0859
LRB9102656PTpk
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. Workers' compensation tax credit. Beginning
9 with taxable years beginning on or after January 1, 1999 and
10 ending with taxable years ending on or before December 30,
11 2004, every employer, including self-insured employers and
12 group self-insured employers who pay insurance premiums on a
13 policy to insure the employer's liability under the Workers'
14 Compensation Act and the Workers' Occupational Diseases Act
15 shall be entitled to a tax credit against the tax imposed in
16 subsection (a) and (b) of Section 201 equal to 5% of the
17 premiums that the employer paid during the taxable year.
18 This credit shall not reduce the employer's tax liability to
19 less than zero.
20 Section 99. Effective date. This Act takes effect upon
21 becoming law.