Bill Text: IL SB2435 | 2019-2020 | 101st General Assembly | Introduced

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Bill Title: Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the earned income tax credit.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Failed) 2021-01-13 - Session Sine Die [SB2435 Detail]

Download: Illinois-2019-SB2435-Introduced.html

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101ST GENERAL ASSEMBLY State of Illinois 2019 and 2020 SB2435 Introduced 1/15/2020, by Sen. John J. Cullerton SYNOPSIS AS INTRODUCED:
35 ILCS 5/212
Amends the Illinois Income Tax Act. Makes a technical change in a Section concerning the earned income tax credit.
LRB101 15793 HLH 65148 b
A BILL FOR
SB2435 LRB101 15793 HLH 65148 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
changing Section 212 as follows:
(35 ILCS 5/212)
Sec. 212. Earned income tax credit.
(a) With respect to the 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
(i) 5% of the federal tax credit for each taxable year
beginning on or after January 1, 2000 and ending prior to
December 31, 2012, (ii) 7.5% of the federal tax credit for each
taxable year beginning on or after January 1, 2012 and ending
prior to December 31, 2013, (iii) 10% of the federal tax credit
for each taxable year beginning on or after January 1, 2013 and
beginning prior to January 1, 2017, (iv) 14% of the federal tax
credit for each taxable year beginning on or after January 1,
2017 and beginning prior to January 1, 2018, and (v) 18% of the
federal tax credit for each taxable year beginning on or after
January 1, 2018.

SB2435 - 2 - LRB101 15793 HLH 65148 b
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
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. 100-22, eff. 7-6-17.)