PETERSON-MAHAR-RADOGNO-LINK, MADIGAN,R, SULLIVAN AND HENDON.
INC TX-LONG TERM HEALTH CREDIT
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Allows an income tax credit
in an amount equal to 15% of the premium costs paid for a qualified
long term care insurance contract covering the individual taxpayer or
the taxpayer's spouse, parent, or dependent. Provides that the credit
may not exceed $200 or the taxpayer's liability, whichever is less.
Prohibits the carry forward of an excess tax credit to a succeeding
year's tax liability. Exempts the credit from the sunset provisions.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 0
END OF INQUIRY
Full Text Bill Status