Bill Text: IL HB3635 | 2023-2024 | 103rd General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who: (1) paid rent on a personal residence in Illinois for at least 6 months during the taxable year; (2) are not claimed as a dependent on someone else's federal income taxes for the taxable year; and (3) have a federal adjusted gross income of less than $83,250, if the taxpayer is married filing a joint return, or $40,770, if the taxpayer is not married filing a joint return. Provides that, if the taxpayer is married filing a joint return, then the amount of the credit is $1,000 for both taxpayers as a single unit. Provides that, if the taxpayer is not married filing a joint return, then the amount of the credit is $500. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2025-01-07 - Session Sine Die [HB3635 Detail]

Download: Illinois-2023-HB3635-Introduced.html

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103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB3635 Introduced , by Rep. Abdelnasser Rashid SYNOPSIS AS INTRODUCED:
35 ILCS 5/234 new
Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers who (1) paid rent on a personal residence in Illinois for at least 6 months during the taxable year; (2) are not claimed as a dependent on someone else's federal income taxes for the taxable year; and (3) have a federal adjusted gross income of less than $83,250, if the taxpayer is married filing a joint return, or $40,770, if the taxpayer is not married filing a joint return. Provides that, if the taxpayer is married filing a joint return, then the amount of the credit is $1,000 for both taxpayers as a single unit. Provides that, if the taxpayer is not married filing a joint return, then the amount of the credit is $500. Effective immediately.
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A BILL FOR
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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
adding Section 234 as follows:
(35 ILCS 5/234 new)
Sec. 234. Renter's credit.
(a) For taxable years beginning on or after January 1,
2024, each qualified taxpayer is entitled to a tax credit as
provided in this Section. If the taxpayer is married filing a
joint return, then the amount of the credit is $1,000 for both
taxpayers as a single unit. For all other individual
taxpayers, the amount of the credit is $500.
(b) The credit or credits may not reduce the taxpayer's
liability to less than zero. Excess credit amounts may not be
refunded to the taxpayer.
(c) As used in this Section, "qualified taxpayer" means an
individual taxpayer who:
(1) paid rent on the taxpayer's personal residence in
Illinois for at least 6 months during the taxable year;
(2) is not claimed as a dependent on someone else's
federal income taxes for the taxable year; and
(3) has a federal adjusted gross income of less than

HB3635 - 2 - LRB103 29643 HLH 56040 b
$83,250, if the taxpayer is married filing a joint return,
or $40,770, if the taxpayer is not married filing a joint
return.
(d) This Section is exempt from the provisions of Section
250.
Section 99. Effective date. This Act takes effect upon
becoming law.