Comments: IL HB3950 | 2023-2024 | 103rd General Assembly

Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit for dependents of the taxpayer. Provides that the maximum amount of the credit is $700 per qualified dependent of the taxpayer. Provides that the maximum amount shall be reduced by $24 for each $1,000 by which the taxpayer's net income exceeds $75,000 in the case of a joint return or $50,000 in the case of any other form of return. Defines "qualified dependent". Effective immediately.

Spectrum: Partisan Bill (Democrat 16-0)

Status: (Introduced) 2024-01-19 - Added Co-Sponsor Rep. Diane Blair-Sherlock [HB3950 Detail]

Text: Latest bill text (Introduced) [HTML]

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