Bill Sponsors: IL SB3774 | 2021-2022 | 102nd General Assembly
Bill Title: Amends the Illinois Income Tax Act. Provides that the earned income tax credit shall be: (i) 20% of the federal tax credit for each taxable year beginning on or after January 1, 2023 and prior to January 1, 2024; (ii) 22% of the federal tax credit for each taxable year beginning on or after January 1, 2024 and prior to January 1, 2025; and (iii) 25% of the federal tax credit for each taxable year beginning on or after January 1 2025. Provides that the earned income tax credit is available to persons who have attained the age of 18 but have not yet attained the age of 25 and to persons who are 65 years of age or older, without regard to any age requirements that would otherwise apply to individuals without a qualifying child under federal Internal Revenue Code. Extends the earned income tax credit to individuals filing a return using an individual taxpayer identification number (ITIN). Creates a credit for child dependent tax credit that shall be not less than $600 when combined with the taxpayer's earned income tax credit. Effective immediately.
Spectrum: Partisan Bill (Democrat 18-0)
Status: (Introduced - Dead) 2022-05-10 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB3774 Detail]
Text: Latest bill text (Introduced) [HTML]
Spectrum: Partisan Bill (Democrat 18-0)
Status: (Introduced - Dead) 2022-05-10 - Pursuant to Senate Rule 3-9(b) / Referred to Assignments [SB3774 Detail]
Text: Latest bill text (Introduced) [HTML]
