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| | 10200SB1150sam006 | - 2 - | LRB102 04951 HLH 38516 a |
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1 | | January 1,
2000 and ending prior to December 31, 2012, (ii) |
2 | | 7.5% of the federal tax credit for each taxable year beginning |
3 | | on or after January 1, 2012 and ending prior to December 31, |
4 | | 2013, (iii) 10% of the federal tax credit for each taxable year |
5 | | beginning on or after January 1, 2013 and beginning prior to |
6 | | January 1, 2017, (iv) 14% of the federal tax credit for each |
7 | | taxable year beginning on or after January 1, 2017 and |
8 | | beginning prior to January 1, 2018, and (v) 18% of the federal |
9 | | tax credit for each taxable year beginning on or after January |
10 | | 1, 2018 and beginning prior to January 1, 2023, and (vi) 19% of |
11 | | the federal tax credit for each taxable year beginning on or |
12 | | after January 1, 2023 .
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13 | | For a non-resident or part-year resident, the amount of |
14 | | the credit under this
Section shall be in proportion to the |
15 | | amount of income attributable to this
State.
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16 | | (b) For taxable years beginning before January 1, 2003, in |
17 | | no event
shall a credit under this Section reduce the |
18 | | taxpayer's
liability to less than zero. Except as provided in |
19 | | subsection (b-5), for For each taxable year beginning on or |
20 | | after
January 1, 2003, if the amount of the credit exceeds the |
21 | | income tax liability
for the applicable tax year, then the |
22 | | excess credit shall be refunded to the
taxpayer. The amount of |
23 | | a refund shall not be included in the taxpayer's
income or |
24 | | resources for the purposes of determining eligibility or |
25 | | benefit
level in any means-tested benefit program administered |
26 | | by a governmental entity
unless required by federal law.
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| | 10200SB1150sam006 | - 3 - | LRB102 04951 HLH 38516 a |
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1 | | (b-5) For taxable years beginning on or after January 1, |
2 | | 2023, each individual taxpayer filing a return using an |
3 | | individual taxpayer identification number (ITIN) as prescribed |
4 | | under Section 6109 of the Internal Revenue Code, other than a |
5 | | Social Security number issued pursuant to Section 205(c)(2)(A) |
6 | | of the Social Security Act, is entitled to the credit under |
7 | | paragraph (a) based on the federal tax credit for which they |
8 | | would have been eligible without applying the restrictions |
9 | | regarding social security numbers in Section 32(m) of the |
10 | | federal Internal Revenue Code. If the amount of the credit |
11 | | under this Section for a taxpayer who files a return using an |
12 | | ITIN, other than a Social Security number, exceeds that |
13 | | taxpayer's income tax liability
for the applicable tax year, |
14 | | then the excess credit shall not be refunded to the taxpayer. |
15 | | (c) This Section is exempt from the provisions of Section |
16 | | 250.
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17 | | (Source: P.A. 100-22, eff. 7-6-17.)".
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