Bill Text: IL HB1653 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Allows an income tax credit in an amount equal to 15% of the premium costs paid for a qualified long term care insurance contract covering the individual taxpayer or the taxpayer's spouse, parent, or dependent. Provides that the credit may not exceed $200 or the taxpayer's liability, whichever is less. Prohibits the carry forward of an excess tax credit to a succeeding year's tax liability. Exempts the credit from the sunset provisions. Effective January 1, 2012.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Failed) 2013-01-08 - Session Sine Die [HB1653 Detail]

Download: Illinois-2011-HB1653-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB1653 Introduced 2/15/2011, by Rep. Patricia R. Bellock SYNOPSIS AS INTRODUCED:
35 ILCS 5/221 new
Amends the Illinois Income Tax Act. Allows an income tax credit in an amount equal to 15% of the premium costs paid for a qualified long term care insurance contract covering the individual taxpayer or the taxpayer's spouse, parent, or dependent. Provides that the credit may not exceed $200 or the taxpayer's liability, whichever is less. Prohibits the carry forward of an excess tax credit to a succeeding year's tax liability. Exempts the credit from the sunset provisions. Effective January 1, 2012.
LRB097 08380 HLH 48507 b
A BILL FOR
HB1653 LRB097 08380 HLH 48507 b
AN ACT to amend the Illinois Income Tax Act.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Illinois Income Tax Act is amended by adding
Section 221 as follows:
(35 ILCS 5/221 new)
Sec. 221. Tax credit for long term care insurance premiums.
For taxable years ending on or after December 31, 2012, an
individual taxpayer is entitled to a credit against the tax
imposed by subsections (a) and (b) of Section 201 in an amount
equal to 15% of the premium costs paid by the taxpayer during
the taxable year for a qualified long term care insurance
contract as defined by Section 7702B of the Internal Revenue
Code that offers coverage to either the individual or the
individual's spouse, parent, or dependent as defined in Section
152 of the Internal Revenue Code. The credit allowed under this
Section may not exceed $200 for each qualified long term care
policy or the amount of the taxpayer's liability under this
Act, whichever is less. A taxpayer is not entitled to the
credit with respect to amounts expended for the same qualified
long term care insurance contract that are claimed by another
taxpayer. If the amount of the credit exceeds the taxpayer's
liability under this Act for the year, then the excess may not

HB1653 - 2 - LRB097 08380 HLH 48507 b
be carried forward to apply to the taxpayer's liability for the
succeeding year. The provisions of Section 250 do not apply to
the credit under this Section.
Section 99. Effective date. This Act takes effect on
January 1, 2012.