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92_HB4248
LRB9213681SMdv
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. 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, 2003.