Bill Title: Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2023, there shall be allowed as an income tax credit for the taxable year with respect to each child of the taxpayer who is under the age of 17 and for whom the taxpayer is allowed an additional exemption under specified provisions an amount equal to $100. Provides that the amount of the credit shall be reduced by $5 for each $2,000 by which the taxpayer's net income exceeds $60,000 in the case of a joint return or exceeds $40,000 in the case of any other form of return. Provides that a credit shall not reduce the taxpayer's liability to less than zero. Effective immediately.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-04-05 - Rule 19(a) / Re-referred to Rules Committee [HB2435 Detail]

---

Bill Drafts

Revision	Date	Format	Source	View
Introduced	2023-02-14	HTML/Text	Link	View

Amendments

Amendment	Date	Disposition	Format	Source	View
No bill amendments currently on file for Illinois HB2435

Supplemental Documents

Title	Description	Date	Format	Source	View
No supplemental documents for Illinois HB2435 currently on file.

Social Comments on IL HB2435