92nd General Assembly
Summary of HB1067
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 Full Text  Bill Status
House Sponsors:
NOVAK.

Short description: 
INC TX-POLITICAL DONATION CRDT                                             

Synopsis of Bill as introduced:
        Amends the Illinois Income Tax  Act.   Provides  that,  beginning      
   with  taxable  years  ending  on or after December 31, 2001 and ending      
   with taxable years  ending  on  or  before  December  30,  2006,  each      
   individual taxpayer who contributes a donation to a political campaign      
   in  the  taxable year is entitled to a tax credit in the amount of (i)      
   $25 or the amount of the donation, whichever is  less,  for  a  single      
   person  and (ii) $50 or the amount of the donation, whichever is less,      
   for married persons filing jointly.  Married persons filing separately      
   are each entitled to a credit in the amount of $25 or  the  amount  of      
   the  donation,  whichever  is less.  The tax credit may not reduce the      
   taxpayer's liability to less than zero.  The credit may not be carried      
   forward.  Effective immediately.                                            
 
Last action on Bill: SESSION SINE DIE

   Last action date: JAN-07-2003

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   0


   END OF INQUIRY 



 Full Text  Bill Status