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| Public Act 097-0652 | ||||
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AN ACT concerning revenue.
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Be it enacted by the People of the State of Illinois, | ||||
represented in the General Assembly:
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Section 5. The Illinois Income Tax Act is amended by | ||||
changing Sections 204 and 212 as follows:
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(35 ILCS 5/204) (from Ch. 120, par. 2-204)
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Sec. 204. Standard Exemption.
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(a) Allowance of exemption. In computing net income under | ||||
this Act, there
shall be allowed as an exemption the sum of the | ||||
amounts determined under
subsections (b), (c) and (d), | ||||
multiplied by a fraction the numerator of which
is the amount | ||||
of the taxpayer's base income allocable to this State for the
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taxable year and the denominator of which is the taxpayer's | ||||
total base income
for the taxable year.
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(b) Basic amount. For the purpose of subsection (a) of this | ||||
Section,
except as provided by subsection (a) of Section 205 | ||||
and in this
subsection, each taxpayer shall be allowed a basic | ||||
amount of $1000, except
that for corporations the basic amount | ||||
shall be zero for tax years ending on
or
after December 31, | ||||
2003, and for individuals the basic amount shall be:
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(1) for taxable years ending on or after December 31, | ||||
1998 and prior to
December 31, 1999, $1,300;
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(2) for taxable years ending on or after December 31, | ||||
1999 and prior to
December 31, 2000, $1,650;
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(3) for taxable years ending on or after December 31, | ||
2000 and prior to December 31, 2012, $2,000; .
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(4) for taxable years ending on or after December 31, | ||
2012 and prior to December 31, 2013, $2,050; | ||
(5) for taxable years ending on or after December 31, | ||
2013, $2,050 plus the cost-of-living adjustment under | ||
subsection (d-5). | ||
For taxable years ending on or after December 31, 1992, a | ||
taxpayer whose
Illinois base income exceeds the basic amount | ||
and who is claimed as a dependent
on another person's tax | ||
return under the Internal Revenue Code shall
not be allowed any | ||
basic amount under this subsection.
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(c) Additional amount for individuals. In the case of an | ||
individual
taxpayer, there shall be allowed for the purpose of | ||
subsection (a), in
addition to the basic amount provided by | ||
subsection (b), an additional
exemption equal to the basic | ||
amount for each
exemption in excess of one
allowable to such | ||
individual taxpayer for the taxable year under Section
151 of | ||
the Internal Revenue Code.
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(d) Additional exemptions for an individual taxpayer and | ||
his or her
spouse. In the case of an individual taxpayer and | ||
his or her spouse, he or
she shall each be allowed additional | ||
exemptions as follows:
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(1) Additional exemption for taxpayer or spouse 65 | ||
years of age or older.
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(A) For taxpayer. An additional exemption of | ||
$1,000 for the taxpayer if
he or she has attained the | ||
age of 65 before the end of the taxable year.
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(B) For spouse when a joint return is not filed. An | ||
additional
exemption of $1,000 for the spouse of the | ||
taxpayer if a joint return is not
made by the taxpayer | ||
and his spouse, and if the spouse has attained the age
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of 65 before the end of such taxable year, and, for the | ||
calendar year in
which the taxable year of the taxpayer | ||
begins, has no gross income and is
not the dependent of | ||
another taxpayer.
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(2) Additional exemption for blindness of taxpayer or | ||
spouse.
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(A) For taxpayer. An additional exemption of | ||
$1,000 for the taxpayer if
he or she is blind at the | ||
end of the taxable year.
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(B) For spouse when a joint return is not filed. An | ||
additional
exemption of $1,000 for the spouse of the | ||
taxpayer if a separate return is made
by the taxpayer, | ||
and if the spouse is blind and, for the calendar year | ||
in which
the taxable year of the taxpayer begins, has | ||
no gross income and is not the
dependent of another | ||
taxpayer. For purposes of this paragraph, the
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determination of whether the spouse is blind shall be | ||
made as of the end of the
taxable year of the taxpayer; | ||
except that if the spouse dies during such
taxable year | ||
such determination shall be made as of the time of such | ||
death.
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(C) Blindness defined. For purposes of this | ||
subsection, an individual
is blind only if his or her | ||
central visual acuity does not exceed 20/200 in
the | ||
better eye with correcting lenses, or if his or her | ||
visual acuity is
greater than 20/200 but is accompanied | ||
by a limitation in the fields of
vision such that the | ||
widest diameter of the visual fields subtends an angle
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no greater than 20 degrees.
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(d-5) Cost-of-living adjustment. For purposes of item (5) | ||
of subsection (b), the cost-of-living adjustment for any | ||
calendar year and for taxable years ending prior to the end of | ||
the subsequent calendar year is equal to $2,050 times the | ||
percentage (if any) by which: | ||
(1) the Consumer Price Index for the preceding calendar | ||
year, exceeds | ||
(2) the Consumer Price Index for the calendar year | ||
2011. | ||
The Consumer Price Index for any calendar year is the | ||
average of the Consumer Price Index as of the close of the | ||
12-month period ending on August 31 of that calendar year. | ||
The term "Consumer Price Index" means the last Consumer | ||
Price Index for All Urban Consumers published by the United | ||
States Department of Labor or any successor agency. | ||
If any cost-of-living adjustment is not a multiple of $25, | ||
that adjustment shall be rounded to the next lowest multiple of | ||
$25. | ||
(e) Cross reference. See Article 3 for the manner of | ||
determining
base income allocable to this State.
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(f) Application of Section 250. Section 250 does not apply | ||
to the
amendments to this Section made by Public Act 90-613.
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(Source: P.A. 97-507, eff. 8-23-11.)
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(35 ILCS 5/212)
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Sec. 212. Earned income tax credit.
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(a) With respect to the federal earned income tax credit | ||
allowed for the
taxable year under Section 32 of the federal | ||
Internal Revenue Code, 26 U.S.C.
32, each individual taxpayer | ||
is entitled to a credit against the tax imposed by
subsections | ||
(a) and (b) of Section 201 in an amount equal to
(i) 5% of the | ||
federal tax credit for each taxable year beginning on or after
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January 1,
2000 and ending prior to December 31, 2012, (ii) | ||
7.5% of the federal tax credit for each taxable year beginning | ||
on or after January 1, 2012 and ending prior to December 31, | ||
2013, and (iii) 10% of the federal tax credit for each taxable | ||
year beginning on or after January 1, 2013.
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For a non-resident or part-year resident, the amount of the | ||
credit under this
Section shall be in proportion to the amount | ||
of income attributable to this
State.
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(b) For taxable years beginning before January 1, 2003, in | ||
no event
shall a credit under this Section reduce the | ||
taxpayer's
liability to less than zero. For each taxable year | ||
beginning on or after
January 1, 2003, if the amount of the | ||
credit exceeds the income tax liability
for the applicable tax | ||
year, then the excess credit shall be refunded to the
taxpayer. | ||
The amount of a refund shall not be included in the taxpayer's
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income or resources for the purposes of determining eligibility | ||
or benefit
level in any means-tested benefit program | ||
administered by a governmental entity
unless required by | ||
federal law.
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(c) This Section is exempt from the provisions of Section | ||
250.
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(Source: P.A. 95-333, eff. 8-21-07.)
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