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91_SB1325
LRB9110269SMdv
1 AN ACT to amend the Illinois Income Tax Act by adding
2 Section 212.
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 212 as follows:
7 (35 ILCS 5/212 new)
8 Sec. 212. Tax credit for long term care insurance
9 premiums. Beginning in taxable year 2001, an individual
10 taxpayer is entitled to a credit against the tax imposed by
11 subsections (a) and (b) of Section 201 in an amount equal to
12 15% of the premium costs paid by the taxpayer during the
13 taxable year for a qualified long term care insurance
14 contract as defined by Section 7702B of the Internal Revenue
15 Code that offers coverage to either the individual or the
16 individual's spouse, parent, or dependent as defined in
17 Section 152 of the Internal Revenue Code. The credit allowed
18 under this Section may not exceed $200 for each qualified
19 long term care policy or the amount of the taxpayer's
20 liability under this Act, whichever is less. A taxpayer is
21 not entitled to the credit with respect to amounts expended
22 for the same qualified long term care insurance contract that
23 are claimed by another taxpayer. If the amount of the credit
24 exceeds the taxpayer's liability under this Act for the year,
25 then the excess may not be carried forward to apply to the
26 taxpayer's liability for the succeeding year. The provisions
27 of Section 250 do not apply to the credit under this Section.
28 Section 99. Effective date. This Act takes effect on
29 January 1, 2001.