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92_HB0013 LRB9201893SMtm 1 AN ACT to amend the Illinois Income Tax Act. 2 Be it enacted by the People of the State of Illinois, 3 represented in the General Assembly: 4 Section 5. The Illinois Income Tax Act is amended by 5 adding Section 213 as follows: 6 (35 ILCS 5/213 new) 7 Sec. 213. Tax credit for long term care insurance 8 premiums. For taxable years ending on or after December 31, 9 2002, an individual taxpayer is entitled to a credit against 10 the tax imposed by subsections (a) and (b) of Section 201 in 11 an amount equal to 15% of the premium costs paid by the 12 taxpayer during the taxable year for a qualified long term 13 care insurance contract as defined by Section 7702B of the 14 Internal Revenue Code that offers coverage to either the 15 individual or the individual's spouse, parent, or dependent 16 as defined in Section 152 of the Internal Revenue Code. The 17 credit allowed under this Section may not exceed $200 for 18 each qualified long term care policy or the amount of the 19 taxpayer's liability under this Act, whichever is less. A 20 taxpayer is not entitled to the credit with respect to 21 amounts expended for the same qualified long term care 22 insurance contract that are claimed by another taxpayer. If 23 the amount of the credit exceeds the taxpayer's liability 24 under this Act for the year, then the excess may not be 25 carried forward to apply to the taxpayer's liability for the 26 succeeding year. The provisions of Section 250 do not apply 27 to the credit under this Section. 28 (Source: P.A. 91-700, eff. 5-11-00.) 29 Section 99. Effective date. This Act takes effect on 30 January 1, 2002.