Bill Text: IL HB4964 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates a credit in the amount of $50 for each exemption allowable to the taxpayer for the taxable year under Section 151 of the Internal Revenue Code for a dependent who is under the age of 18 on the last day of the taxable year. Provides that, 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. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2013-01-08 - Session Sine Die [HB4964 Detail]

Download: Illinois-2011-HB4964-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 HB4964 Introduced , by Rep. Marlow H. Colvin SYNOPSIS AS INTRODUCED:
35 ILCS 5/223 new
Amends the Illinois Income Tax Act. Creates a credit in the amount of $50 for each exemption allowable to the taxpayer for the taxable year under Section 151 of the Internal Revenue Code for a dependent who is under the age of 18 on the last day of the taxable year. Provides that, 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. Effective immediately.
LRB097 19848 HLH 65125 b
FISCAL NOTE ACT MAY APPLY
A BILL FOR
HB4964 LRB097 19848 HLH 65125 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 adding
Section 223 as follows:
(35 ILCS 5/223 new)
Sec. 223. Dependent child credit.
For taxable years ending on or after December 31, 2012,
each individual taxpayer shall be allowed a credit of $50 for
each exemption allowable to the taxpayer for the taxable year
under Section 151 of the Internal Revenue Code for a dependent
who is under the age of 18 on the last day of the taxable year.
If the amount of the credit exceeds the taxpayer's income
tax liability for the applicable tax year, then the excess
credit shall be refunded to the taxpayer.
This Section is exempt from the provisions of Section 250.
Section 99. Effective date. This Act takes effect upon
becoming law.