HB5620 95TH GENERAL ASSEMBLY

LRB095 19951 BDD 46375 b

95TH GENERAL ASSEMBLY
State of Illinois
2007 and 2008
HB5620

Introduced , by Rep. Patricia R. Bellock

SYNOPSIS AS INTRODUCED:

35 ILCS 5/218 new

Amends the Illinois Income Tax Act. Creates an income tax credit of $100 for individuals who deposit $100 or more into a trust account established by a federally insured financial institution for the purpose of providing for future long-term care expenses. Provides that the same taxpayer may take this credit in only one taxable year. Provides that the credit may not be carried forward or back and may not reduce the taxpayer's liability to less than zero. Effective immediately.

FISCAL NOTE ACT MAY APPLY

A BILL FOR

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 adding Section 218 as follows:

(35 ILCS 5/218 new)

Sec. 218. The Long-Term Care Savings Plan credit.

(a) For taxable years ending on or after December 31, 2008 and on or before December 30, 2013, each individual taxpayer who, during the taxable year, deposits $100 or more into a trust account established by a federally insured financial institution for the purpose of providing for future long-term care expenses is entitled to a credit against the tax imposed under subsections (a) and (b) of Section 201 in an amount equal to $100.

(b) The same taxpayer may take this credit in only one taxable year.

(c) The credit under this Section may not be carried forward or back and may not reduce the taxpayer's liability to less than zero.

Section 99. Effective date. This Act takes effect upon becoming law.