Bill Text: IL SB2075 | 2017-2018 | 100th General Assembly | Introduced


Bill Title: Amends the Illinois Income Tax Act. Creates a child tax credit in an amount equal to 20% of the federal tax credit allowed under Section 24 of the federal Internal Revenue Code. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2017-05-05 - Rule 3-9(a) / Re-referred to Assignments [SB2075 Detail]

Download: Illinois-2017-SB2075-Introduced.html


100TH GENERAL ASSEMBLY
State of Illinois
2017 and 2018
SB2075

Introduced 2/10/2017, by Sen. Kimberly A. Lightford

SYNOPSIS AS INTRODUCED:
35 ILCS 5/224 new

Amends the Illinois Income Tax Act. Creates a child tax credit in an amount equal to 20% of the federal tax credit allowed under Section 24 of the federal Internal Revenue Code. Effective immediately.
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FISCAL NOTE ACT MAY APPLY

A BILL FOR

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1 AN ACT concerning revenue.
2 Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4 Section 5. The Illinois Income Tax Act is amended by adding
5Section 224 as follows:
6 (35 ILCS 5/224 new)
7 Sec. 224. Federal child tax credit. For taxable years
8beginning on or after January 1, 2017 and beginning prior to
9January 1, 2022, with respect to the federal child tax credit
10allowed for the taxable year under Section 24 of the federal
11Internal Revenue Code, 26 U.S.C. 24, each individual taxpayer
12is entitled to a credit against the tax imposed by subsections
13(a) and (b) of Section 201 in an amount equal to 20% of the
14federal tax credit.
15 For a non-resident or part-year resident, the amount of the
16credit under this Section shall be in proportion to the amount
17of income attributable to this State.
18 If the amount of the credit exceeds the income tax
19liability for the applicable tax year, then the excess credit
20shall be refunded to the taxpayer. The amount of a refund shall
21not be included in the taxpayer's income or resources for the
22purposes of determining eligibility or benefit level in any
23means-tested benefit program administered by a governmental

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1entity unless required by federal law.
2 Section 99. Effective date. This Act takes effect upon
3becoming law.
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