92nd General Assembly
Summary of HB3365
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House Sponsors:

Short description: 
INCOME TAX-EARN INCOME CREDIT                                              

Synopsis of Bill as introduced:
        Amends the Illinois Income  Tax  Act.   Provides  that  taxpayers      
   entitled  to  a  federal  earned  income  tax credit are entitled to a      
   credit under the Illinois Income Tax Act in an amount equal to 10%  of      
   the federal tax credit for taxable years beginning on or after January      
   1, 2001 and ending on or before December 31, 2005.  Provides that if a      
   taxpayer's  earned  income  tax  credit  exceeds  the  taxpayer's  tax      
   liability,  the  taxpayer shall receive a refund for the amount of the      
   excess (now, the earned income tax credit may not reduce a  taxpayer's      
   liability  to less than zero). Provides that the provisions concerning      
   the earned income tax credit are repealed on June 1, 2006  (now,  June      
   1, 2003).  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


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