Bill Text: IL HB3635 | 2023-2024 | 103rd General Assembly | Introduced
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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee [HB3635 Detail]
Download: Illinois-2023-HB3635-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by | |||||||||||||||||||
5 | adding Section 234 as follows:
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6 | (35 ILCS 5/234 new) | |||||||||||||||||||
7 | Sec. 234. Renter's credit. | |||||||||||||||||||
8 | (a) For taxable years beginning on or after January 1, | |||||||||||||||||||
9 | 2024, each qualified taxpayer is entitled to a tax credit as | |||||||||||||||||||
10 | provided in this Section. If the taxpayer is married filing a | |||||||||||||||||||
11 | joint return, then the amount of the credit is $1,000 for both | |||||||||||||||||||
12 | taxpayers as a single unit. For all other individual | |||||||||||||||||||
13 | taxpayers, the amount of the credit is $500. | |||||||||||||||||||
14 | (b) The credit or credits may not reduce the taxpayer's
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15 | liability to less than zero. Excess credit amounts may not be | |||||||||||||||||||
16 | refunded to the taxpayer. | |||||||||||||||||||
17 | (c) As used in this Section, "qualified taxpayer" means an | |||||||||||||||||||
18 | individual taxpayer who: | |||||||||||||||||||
19 | (1) paid rent on the taxpayer's personal residence in | |||||||||||||||||||
20 | Illinois for at least 6 months during the taxable year; | |||||||||||||||||||
21 | (2) is not claimed as a dependent on someone else's | |||||||||||||||||||
22 | federal income taxes for the taxable year; and | |||||||||||||||||||
23 | (3) has a federal adjusted gross income of less than |
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1 | $83,250, if the taxpayer is married filing a joint return, | ||||||
2 | or $40,770, if the taxpayer is not married filing a joint | ||||||
3 | return. | ||||||
4 | (d) This Section is exempt from the provisions of Section | ||||||
5 | 250.
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6 | Section 99. Effective date. This Act takes effect upon | ||||||
7 | becoming law.
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