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91_SB1594
LRB9113030JMmbA
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. Earned income tax credit for working families.
9 Beginning with taxable years ending on or after December 31,
10 2000, and ending with taxable years ending on or before
11 December 31, 2004, 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. Effective date. This Act takes effect upon
20 becoming law.