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


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.

Spectrum: Partisan Bill (Democrat 41-0)

Status: (Introduced) 2017-04-19 - Added Co-Sponsor Rep. Rita Mayfield [HB2475 Detail]

Download: Illinois-2017-HB2475-Introduced.html


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

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1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Income Tax Act is amended by
5changing Section 212 as follows:
6 (35 ILCS 5/212)
7 Sec. 212. Earned income tax credit.
8 (a) With respect to the federal earned income tax credit
9allowed for the taxable year under Section 32 of the federal
10Internal Revenue Code, 26 U.S.C. 32, each individual taxpayer
11is entitled to a credit against the tax imposed by subsections
12(a) and (b) of Section 201 in an amount equal to (i) 5% of the
13federal tax credit for each taxable year beginning on or after
14January 1, 2000 and ending prior to December 31, 2012, (ii)
157.5% of the federal tax credit for each taxable year beginning
16on or after January 1, 2012 and ending prior to December 31,
172013, and (iii) 10% of the federal tax credit for each taxable
18year beginning on or after January 1, 2013 and beginning prior
19to January 1, 2017, (iv) 12% of the federal tax credit for each
20taxable year beginning on or after January 1, 2017 and
21beginning prior to January 1, 2018, (v) 14% of the federal tax
22credit for each taxable year beginning on or after January 1,
232018 and beginning prior to January 1, 2019, (vi) 16% of the

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1federal tax credit for each taxable year beginning on or after
2January 1, 2019 and beginning prior to January 1, 2020, (vii)
318% of the federal tax credit for each taxable year beginning
4on or after January 1, 2020 and beginning prior to January 1,
52021, and (viii) 20% of the federal tax credit for each taxable
6year beginning on or after January 1, 2021.
7 For a non-resident or part-year resident, the amount of the
8credit under this Section shall be in proportion to the amount
9of income attributable to this State.
10 (b) For taxable years beginning before January 1, 2003, in
11no event shall a credit under this Section reduce the
12taxpayer's liability to less than zero. For each taxable year
13beginning on or after January 1, 2003, if the amount of the
14credit exceeds the income tax liability for the applicable tax
15year, then the excess credit shall be refunded to the taxpayer.
16The amount of a refund shall not be included in the taxpayer's
17income or resources for the purposes of determining eligibility
18or benefit level in any means-tested benefit program
19administered by a governmental entity unless required by
20federal law.
21 (c) This Section is exempt from the provisions of Section
22250.
23(Source: P.A. 97-652, eff. 6-1-12.)
24 Section 99. Effective date. This Act takes effect upon
25becoming law.
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