State of Illinois
91st General Assembly
Legislation

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91_SB1594

 
                                              LRB9113030JMmbA

 1        AN ACT to amend the Illinois Income  Tax  Act  by  adding
 2    Section 212.

 3        Be  it  enacted  by  the People of the State of Illinois,
 4    represented in the General Assembly:

 5        Section 5. The Illinois Income  Tax  Act  is  amended  by
 6    adding Section 212 as follows:

 7        (35 ILCS 5/212 new)
 8        Sec.  212. Earned income tax credit for working families.
 9    Beginning with taxable years ending on or after December  31,
10    2000,  and  ending  with  taxable  years  ending on or before
11    December  31,  2004,  there  is  allowed  for  an  individual
12    taxpayer an earned income tax credit against taxes due  under
13    this  Act  equal  to  20%  of  the  earned  income tax credit
14    allowable for that individual taxpayer for the  same  taxable
15    year under Section 32 of the Internal Revenue Code of 1986.
16        If  a  credit  allowed under this Section exceeds the tax
17    liability of the  taxpayer,  the  taxpayer  shall  receive  a
18    refund for the amount of the excess.

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

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