Bill Text: IL HB2475 | 2017-2018 | 100th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Increases the earned income tax credit to (i) 12% of the federal tax credit for each taxable year beginning on or after January 1, 2017 and beginning prior to January 1, 2018, (ii) 14% of the federal tax credit for each taxable year beginning on or after January 1, 2018 and beginning prior to January 1, 2019, (iii) 16% of the federal tax credit for each taxable year beginning on or after January 1, 2019 and beginning prior to January 1, 2020, (iv) 18% of the federal tax credit for each taxable year beginning on or after January 1, 2020 and beginning prior to January 1, 2021, and (v) 20% of the federal tax credit for each taxable year beginning on or after January 1, 2021. Effective immediately.

Sponsorship: Partisan Bill (Democrat 43)

Status: (Failed) 2019-01-08 - Session Sine Die [HB2475 Detail]

Download: Illinois-2017-HB2475-Introduced.html

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100TH GENERAL ASSEMBLY State of Illinois 2017 and 2018 HB2475 Introduced , by Rep. Barbara Flynn Currie SYNOPSIS AS INTRODUCED:
35 ILCS 5/212
Amends the Illinois Income Tax Act. Increases the earned income tax credit to (i) 12% of the federal tax credit for each taxable year beginning on or after January 1, 2017 and beginning prior to January 1, 2018, (ii) 14% of the federal tax credit for each taxable year beginning on or after January 1, 2018 and beginning prior to January 1, 2019, (iii) 16% of the federal tax credit for each taxable year beginning on or after January 1, 2019 and beginning prior to January 1, 2020, (iv) 18% of the federal tax credit for each taxable year beginning on or after January 1, 2020 and beginning prior to January 1, 2021, and (v) 20% of the federal tax credit for each taxable year beginning on or after January 1, 2021. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB2475 LRB100 06792 HLH 16840 b
AN ACT concerning revenue.
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
changing Section 212 as follows:
(35 ILCS 5/212)
Sec. 212. Earned income tax credit.
(a) With respect to the federal earned income tax credit
allowed for the taxable year under Section 32 of the federal
Internal Revenue Code, 26 U.S.C. 32, each individual taxpayer
is entitled to a credit against the tax imposed by subsections
(a) and (b) of Section 201 in an amount equal to (i) 5% of the
federal tax credit for each taxable year beginning on or after
January 1, 2000 and ending prior to December 31, 2012, (ii)
7.5% of the federal tax credit for each taxable year beginning
on or after January 1, 2012 and ending prior to December 31,
2013, and (iii) 10% of the federal tax credit for each taxable
year beginning on or after January 1, 2013 and beginning prior
to January 1, 2017, (iv) 12% of the federal tax credit for each
taxable year beginning on or after January 1, 2017 and
beginning prior to January 1, 2018, (v) 14% of the federal tax
credit for each taxable year beginning on or after January 1,
2018 and beginning prior to January 1, 2019, (vi) 16% of the

HB2475 - 2 - LRB100 06792 HLH 16840 b
federal tax credit for each taxable year beginning on or after
January 1, 2019 and beginning prior to January 1, 2020, (vii)
18% of the federal tax credit for each taxable year beginning
on or after January 1, 2020 and beginning prior to January 1,
2021, and (viii) 20% of the federal tax credit for each taxable
year beginning on or after January 1, 2021.
For a non-resident or part-year resident, the amount of the
credit under this Section shall be in proportion to the amount
of income attributable to this State.
(b) For taxable years beginning before January 1, 2003, in
no event shall a credit under this Section reduce the
taxpayer's liability to less than zero. For each taxable year
beginning on or after January 1, 2003, if the amount of the
credit exceeds the income tax liability for the applicable tax
year, then the excess credit shall be refunded to the taxpayer.
The amount of a refund shall not be included in the taxpayer's
income or resources for the purposes of determining eligibility
or benefit level in any means-tested benefit program
administered by a governmental entity unless required by
federal law.
(c) This Section is exempt from the provisions of Section
250.
(Source: P.A. 97-652, eff. 6-1-12.)
Section 99. Effective date. This Act takes effect upon
becoming law.