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92_HB1067
LRB9206676SMdv
1 AN ACT concerning taxes.
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. Political campaign donation tax credit.
8 (a) Beginning with taxable years ending on or after
9 December 31, 2001 and ending with taxable years ending on or
10 before December 30, 2006, each individual taxpayer who
11 contributes a donation to a political campaign in the taxable
12 year is entitled to a credit against the tax imposed by
13 subsections (a) and (b) of Section 201 in the amount of (i)
14 $25 or the amount of the donation, whichever is less, for a
15 single person and (ii) $50 or the amount of the donation,
16 whichever is less, for married persons filing jointly.
17 Married persons filing separately are each entitled to a
18 credit in the amount of $25 or the amount of the donation,
19 whichever is less. The tax credit may not reduce the
20 taxpayer's liability to less than zero. The credit may not
21 be carried forward.
22 Section 99. Effective date. This Act takes effect upon
23 becoming law.