35 ILCS 5/212 new
Amends the Illinois Income Tax Act. Allows an income tax credit
in an amount equal to 15% of the premium costs paid for a qualified
long term care insurance contract covering the individual taxpayer or
the taxpayer's spouse, parent, or dependent. Provides that the credit
may not exceed $200 or the taxpayer's liability, whichever is less.
Prohibits the carry-forward of an excess tax credit to a succeeding
year's tax liability. Exempts the credit from the sunset provisions.
Effective January 1, 2001.
00-01-12 S FIRST READING
00-01-12 S REFERRED TO SENATE RULES COMMITTEE RULES
00-01-12 S ADDED AS A CHIEF CO-SPONSOR MADIGAN,R
00-01-19 S ADDED AS A CHIEF CO-SPONSOR PARKER
00-01-20 S ADDED AS A CHIEF CO-SPONSOR KLEMM
00-02-10 S ADDED AS A CHIEF CO-SPONSOR MYERS,J
00-04-15 S RULED EXEMPT UNDER SENATE RULE 3-9(B) SRUL
00-04-15 S ASSIGNED TO COMMITTEE REVENUE
01-01-09 S SESSION SINE DIE
END OF INQUIRY
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