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Rep. Dave Vella
Filed: 2/8/2022
| | 10200HB4214ham001 | | LRB102 20716 HLH 35629 a |
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| 1 | | AMENDMENT TO HOUSE BILL 4214
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| 2 | | AMENDMENT NO. ______. Amend House Bill 4214 by replacing |
| 3 | | everything after the enacting clause with the following:
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| 4 | | "Section 5. The Illinois Income Tax Act is amended by |
| 5 | | adding Section 232 as follows:
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| 6 | | (35 ILCS 5/232 new) |
| 7 | | Sec. 232. Credit for vision and dental benefits. |
| 8 | | (a) For taxable years that begin on or after January 1, |
| 9 | | 2022 and begin prior to January 1, 2025, each taxpayer that is |
| 10 | | a hospitality employer is entitled to a credit against the tax |
| 11 | | imposed by subsections (a) and (b) of Section 201 in an amount |
| 12 | | equal to 100% of the amount paid by the taxpayer to provide |
| 13 | | vision and dental benefits, life insurance, and short-term |
| 14 | | disability coverage for its employees during the taxable year. |
| 15 | | The credit shall be calculated using the employer-paid portion |
| 16 | | of the insurance carrier premiums for dental, vision, |
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| | 10200HB4214ham001 | - 2 - | LRB102 20716 HLH 35629 a |
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| 1 | | short-term disability, and term life insurance coverages. |
| 2 | | (b) For partners, shareholders of Subchapter S
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| 3 | | corporations, and owners of limited liability companies, if |
| 4 | | the limited liability company is treated as a partnership for |
| 5 | | the purposes of federal and State income taxation, there shall |
| 6 | | be allowed a credit under this Section to be determined in |
| 7 | | accordance with the determination of income and distributive |
| 8 | | share of income under Sections 702 and 704 and Subchapter S of |
| 9 | | the Internal Revenue Code. |
| 10 | | (c) In no event shall a credit under this Section reduce |
| 11 | | the taxpayer's liability to less than zero. If the amount of |
| 12 | | the credit exceeds the tax liability for the year, the excess |
| 13 | | may be carried forward and applied to the tax liability of the |
| 14 | | 5 taxable years following the excess credit year. The tax |
| 15 | | credit shall be applied to the earliest year for which there is |
| 16 | | a tax liability. If there are credits for more than one year |
| 17 | | that are available to offset a liability, the earlier credit |
| 18 | | shall be applied first. |
| 19 | | (d) As used in this Section, "hospitality employer" means |
| 20 | | a business that is incorporated in Illinois and has a North |
| 21 | | American Industry Classification System (NAICS) Code 7223, |
| 22 | | 722310, 722320, 722330, 7225, 722511, 722513, 722514, or |
| 23 | | 722515.
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| 24 | | Section 99. Effective date. This Act takes effect upon |
| 25 | | becoming law.".
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