[ Search ] [ PDF text ] [ Legislation ]
[ Home ] [ Back ] [ Bottom ]
92_SB0297 LRB9207591SMdv 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. Senior citizen prescription drug 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 is 11 entitled to a credit against the tax imposed by subsections 12 (a) and (b) of Section 201 for eligible prescription drug 13 expenses. The credit is allowed as follows: 14 (1) The taxpayer must be 60 years of age or older 15 during the taxable year. 16 (2) The taxpayer's adjusted gross income for 17 federal tax purposes must be less than $100,000. 18 (3) Eligible prescription drug expenses consist of 19 the amount paid by the taxpayer during the taxable year 20 for prescription drug costs for a household member who is 21 60 years of age or older during the taxable year. 22 (4) The credit is limited to an amount equal to the 23 amount spent by the taxpayer in the taxable year for 24 eligible prescription drug expenses, up to $2,000 in a 25 taxable year. 26 (b) The tax credit may not reduce the taxpayer's 27 liability to less than zero. The credit may not be carried 28 forward. 29 Section 99. Effective date. This Act takes effect upon 30 becoming law.
[ Top ]