NOLAND, KLEMM, LAUZEN, FAWELL, SIEBEN, PARKER, DILLARD,
INC TX-LONG TERM HEALTH CREDIT
Synopsis of Bill as introduced:
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, 2000.
FISCAL NOTE (Department of Revenue)
Each of the 200,000 policy-holders will qualify for the maximum
$200 credit, for an estimated fiscal impact of $40 million.
HOUSE AMENDMENT NO. 1.
Deletes everything. Amends the Illinois Income Tax Act. Creates
a tax credit for long term care insurance premiums with the caption as
the only provision.
Last action on Bill: SESSION SINE DIE
Last action date: 01-01-09
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 1 SENATE - 0
END OF INQUIRY
Full Text Bill Status