103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB2595

 

Introduced 2/15/2023, by Rep. Adam M. Niemerg

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/234 new

    Amends the Illinois Income Tax Act. Creates an income tax credit in an amount equal to $1,500 for each person who is claimed as a dependent of the taxpayer for the taxable year under Section 152 of the Internal Revenue Code. Effective immediately.


LRB103 29479 HLH 55874 b

 

 

A BILL FOR

 

HB2595LRB103 29479 HLH 55874 b

1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Illinois Income Tax Act is amended by
5adding Section 234 as follows:
 
6    (35 ILCS 5/234 new)
7    Sec. 234. Dependent tax credit.
8    (a) For taxable years beginning on or after January 1,
92024, there shall be allowed a credit against the tax imposed
10by subsections (a) and (b) of Section 201 in an amount
11calculated under subsection (b). The credit under this Section
12may not reduce the taxpayer's liability to less than zero.
13    (b) The maximum amount of the credit allowed under this
14Section is $1,500 for each person who is claimed as a dependent
15of the taxpayer for the taxable year under Section 152 of the
16Internal Revenue Code.
17    (c) The Department of Revenue may adopt rules necessary or
18appropriate to carry out the purposes of this Section.
19    (d) This Section is exempt from Section 250.
 
20    Section 99. Effective date. This Act takes effect upon
21becoming law.