State of Illinois
92^nd General Assembly
Legislation

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92_HB4172eng

 
HB4172 Engrossed                               LRB9214874SMpc

 1        AN ACT in relation to 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    changing Section 212 as follows:

 6        (35 ILCS 5/212)
 7        (Section scheduled to be repealed on June 1, 2003)
 8        Sec. 212.  Earned income tax credit.
 9        (a)  With respect to the federal earned income tax credit
10    allowed for the taxable year under Section 32 of the  federal
11    Internal Revenue Code, 26 U.S.C. 32, each individual taxpayer
12    is   entitled   to  a  credit  against  the  tax  imposed  by
13    subsections (a) and (b) of Section 201 in an amount equal  to
14    5%  of the federal tax credit for each taxable year beginning
15    on or after January 1, 2000 and ending on or before  December
16    31,  2002.   This  Section  is  exempt from the provisions of
17    Section 250.
18        For a non-resident or part-year resident, the  amount  of
19    the  credit  under this Section shall be in proportion to the
20    amount of income attributable to this State.
21        (b)  In no event shall a credit under this Section reduce
22    the taxpayer's liability to less than zero.
23        (c)  This Section is repealed on June 1, 2003.
24    (Source: P.A. 91-700, eff. 5-11-00.)

25        Section 99.  Effective date.  This Act  takes  effect  on
26    September 1, 2002.

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