Bill Text: IL HB5248 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Amends the Illinois Income Tax Act. Provides that a qualified business is entitled to a credit in an amount equal to 75% of the amount expended by the qualified business during the taxable year on menstrual hygiene products that are provided for use by the public at no cost at a business location of the qualified business. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-02-09 - Referred to Rules Committee [HB5248 Detail]
Download: Illinois-2023-HB5248-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, | |||||||||||||||||||
3 | represented in the General Assembly:
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4 | Section 5. The Illinois Income Tax Act is amended by | |||||||||||||||||||
5 | adding Section 241 as follows:
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6 | (35 ILCS 5/241 new) | |||||||||||||||||||
7 | Sec. 241. Menstrual hygiene product tax credit. | |||||||||||||||||||
8 | (a) For tax years beginning on or after January 1, 2025, a | |||||||||||||||||||
9 | qualified business is entitled to a credit against the tax | |||||||||||||||||||
10 | imposed by subsections (a) and (b) of Section 201 in an amount | |||||||||||||||||||
11 | equal to 75% of the amount expended by the qualified business | |||||||||||||||||||
12 | during the taxable year on menstrual hygiene products that are | |||||||||||||||||||
13 | provided for use by the public at no cost at a business | |||||||||||||||||||
14 | location of the qualified business. In no event shall a | |||||||||||||||||||
15 | taxpayer be allowed to claim a tax credit under this Section in | |||||||||||||||||||
16 | excess of $50,000 per taxable year. | |||||||||||||||||||
17 | (b) In no event shall a credit under this Section reduce | |||||||||||||||||||
18 | the taxpayer's liability to less than zero. If the amount of | |||||||||||||||||||
19 | the credit exceeds the tax liability for the year, the excess | |||||||||||||||||||
20 | may be carried forward and applied to the tax liability of the | |||||||||||||||||||
21 | next immediately succeeding taxable year. If there are credits | |||||||||||||||||||
22 | for more than one year that are available to offset a | |||||||||||||||||||
23 | liability, the earlier credit shall be applied first. Tax |
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1 | credits issued under this Section shall not be assigned, | ||||||
2 | transferred, or sold. | ||||||
3 | (c) Except for any excess credit which is carried over | ||||||
4 | pursuant to subsection (b) of this Section, a taxpayer shall | ||||||
5 | not be allowed to claim a tax credit unless the total amount of | ||||||
6 | the taxpayer's expenditure on qualifying menstrual products is | ||||||
7 | at least $100 during the taxable year. | ||||||
8 | (d) As used in this Section: | ||||||
9 | "Full-time employee" means an individual who is employed | ||||||
10 | for consideration for at least 35 hours each week or who | ||||||
11 | renders any other standard of service generally accepted by | ||||||
12 | industry custom or practice as full-time employment. | ||||||
13 | "Menstrual hygiene product" means tampons and sanitary | ||||||
14 | napkins for use in connection with the menstrual cycle. | ||||||
15 | "Qualified business" means a business, including, but not | ||||||
16 | limited to, a business that is an S corporation or a limited | ||||||
17 | liability company, that employs fewer than 100 full-time | ||||||
18 | employees.
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