Bill Text: IL SB0118 | 2011-2012 | 97th General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2011, the Earned Income Tax Credit shall be in an amount equal to 20% (instead of 5%) of the federal tax credit. Effective immediately.

Sponsorship: Partisan Bill (Democrat 1)

Status: (Failed) 2013-01-08 - Session Sine Die [SB0118 Detail]

Download: Illinois-2011-SB0118-Introduced.html

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97TH GENERAL ASSEMBLY State of Illinois 2011 and 2012 SB0118 Introduced 1/27/2011, by Sen. Martin A. Sandoval SYNOPSIS AS INTRODUCED:
35 ILCS 5/212
Amends the Illinois Income Tax Act. Provides that, for taxable years beginning on or after January 1, 2011, the Earned Income Tax Credit shall be in an amount equal to 20% (instead of 5%) of the federal tax credit. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
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
changing Section 212 as follows:
(35 ILCS 5/212)
Sec. 212. Earned income tax credit.
(a) With respect to the federal earned income tax credit
allowed for the taxable year under Section 32 of the federal
Internal Revenue Code, 26 U.S.C. 32, each individual taxpayer
is entitled to a credit against the tax imposed by subsections
(a) and (b) of Section 201 in an amount equal to 5% of the
federal tax credit for each taxable year beginning on or after
January 1, 2000 and ending prior to December 31, 2011. For each
taxable year beginning on or after January 1, 2011, each
individual taxpayer is entitled to a credit against the tax
imposed by subsections (a) and (b) of Section 201 in an amount
equal to 20% of the federal tax credit.
For a non-resident or part-year resident, the amount of the
credit under this Section shall be in proportion to the amount
of income attributable to this State.
(b) For taxable years beginning before January 1, 2003, in
no event shall a credit under this Section reduce the

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taxpayer's liability to less than zero. For each taxable year
beginning on or after January 1, 2003, 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.
The amount of a refund shall not be included in the taxpayer's
income or resources for the purposes of determining eligibility
or benefit level in any means-tested benefit program
administered by a governmental entity unless required by
federal law.
(c) This Section is exempt from the provisions of Section
250.
(Source: P.A. 95-333, eff. 8-21-07.)
Section 99. Effective date. This Act takes effect upon
becoming law.