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| | 101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
SB1484 Introduced 2/13/2019, by Sen. Kimberly A. Lightford SYNOPSIS AS INTRODUCED:
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Amends the Illinois Income Tax Act. Creates a child tax credit in an amount equal to 10% of the federal tax credit allowed under Section 24 of the federal Internal Revenue Code. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | A BILL FOR |
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| | SB1484 | | LRB101 09314 HLH 54409 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by adding |
| 5 | | Section 229 as follows:
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| 6 | | (35 ILCS 5/229 new) |
| 7 | | Sec. 229. Federal child tax credit. For taxable years |
| 8 | | beginning on or after January 1, 2019 and beginning prior to |
| 9 | | January 1, 2024, with respect to the federal child tax credit |
| 10 | | allowed for the taxable year under Section 24 of the federal |
| 11 | | Internal Revenue Code, 26 U.S.C. 24, each individual taxpayer |
| 12 | | is entitled to a credit against the tax imposed by subsections |
| 13 | | (a) and (b) of Section 201 in an amount equal to 10% of the |
| 14 | | federal tax credit. |
| 15 | | For a non-resident or part-year resident, the amount of the |
| 16 | | credit under this Section shall be in proportion to the amount |
| 17 | | of income attributable to this State. |
| 18 | | If the amount of the credit exceeds the income tax |
| 19 | | liability for the applicable tax year, then the excess credit |
| 20 | | shall be refunded to the taxpayer. The amount of a refund shall |
| 21 | | not be included in the taxpayer's income or resources for the |
| 22 | | purposes of determining eligibility or benefit level in any |
| 23 | | means-tested benefit program administered by a governmental |