Bill Text: IL HB5155 | 2021-2022 | 102nd General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers whose federal adjusted gross income does not exceed specified amounts. Provides that the credit shall be equal to $400 for taxpayers filing a joint return and $200 for all other taxpayers. Effective immediately.

Sponsorship: Partisan Bill (Republican 1)

Status: (Introduced - Dead) 2022-02-18 - Rule 19(a) / Re-referred to Rules Committee [HB5155 Detail]

Download: Illinois-2021-HB5155-Introduced.html

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102ND GENERAL ASSEMBLY State of Illinois 2021 and 2022 HB5155 Introduced 1/27/2022, by Rep. Tom Demmer SYNOPSIS AS INTRODUCED:
35 ILCS 5/232 new
Amends the Illinois Income Tax Act. Creates an income tax credit for taxpayers whose federal adjusted gross income does not exceed specified amounts. Provides that the credit shall be equal to $400 for taxpayers filing a joint return and $200 for all other taxpayers. 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 232 as follows:
(35 ILCS 5/232 new)
Sec. 232. Inflation protection credit.
(a) For taxable years that begin on or after January 1,
2022 and begin prior to January 1, 2023, qualified taxpayers
are entitled to a credit against the tax imposed by subsection
(a) and (b) of Section 201 in an amount equal to $400 for
taxpayers filing a joint return and $200 for all other
taxpayers.
(b) In no event shall a credit under this Section reduce
the taxpayer's liability to less than zero. If the amount of
the credit exceeds the tax liability for the year, the excess
may be refunded to the taxpayer.
(c) For the purposes of this Section, "qualified taxpayer"
means an individual (and the spouse of that individual if
filing a joint return) who:
(1) is a United States citizen or United States
resident alien; and
(2) is not a dependent of another taxpayer; and

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(3) has a federal adjusted gross income that does not
exceed:
(A) $150,000 if married and filing a joint return
or if filing as a qualifying widow or widower;
(B) $112,500 if filing as head of household; or
(C) $75,000 for an individual who does not qualify
under paragraphs (A) or (B).
Section 99. Effective date. This Act takes effect upon
becoming law.