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]
Bill Drafts
| Revision | Date | Format | Source | View |
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| Introduced | 2023-02-17 | HTML/Text | Link | View |
Amendments
| Amendment | Date | Disposition | Format | Source | View |
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| No bill amendments currently on file for Illinois HB3950 |
Supplemental Documents
| Title | Description | Date | Format | Source | View |
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| No supplemental documents for Illinois HB3950 currently on file. |
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