FLOWERS, HOWARD, SHARP, GASH, WOOLARD, FRITCHEY,
MOORE,ANDREA, CURRY,JULIE, SILVA, SCHOENBERG, OSTERMAN,
O'BRIEN AND RUTHERFORD.
INCM TAX-EARNED INCM TAX CRDIT
Synopsis of Bill as introduced:
Amends the Illinois Income Tax Act. Makes technical changes in a
Section concerning the short title.
SENATE AMENDMENT NO. 2
Deletes reference to:
35 ILCS 5/101
Adds reference to:
35 ILCS 5/212 new
35 ILCS 5/901
Deletes everything. Amends the Illinois Income Tax Act. Creates
the earned income tax credit. Provides that each individual taxpayer
is entitled to a credit against the tax imposed by the Act in an
amount equal to 5% of the federal earned income tax credit allowed.
Applies to taxable years beginning on or after January 1, 2000 and
ending on or before December 31, 2002. The credit may not reduce the
taxpayer's liability to less than zero. Repeals the credit on June 1,
2003. Transfers $35,000,000 from the Tobacco Settlement Recovery Fund
to the Income Tax Refund Fund in June of 2000, 2001, 2002. Effective
SENATE AMENDMENT NO. 3
Changes the transfers from the Tobacco Settlement Recovery Fund
to the Income Tax Refund Fund from June of the years 2000, 2001, and
2002 to January of the years 2001, 2002, and 2003.
Last action on Bill: PUBLIC ACT.............................. 91-0700
Last action date: 00-05-11
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 2
END OF INQUIRY
Full Text Bill Status