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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5122 Introduced 2/8/2024, by Rep. Dan Ugaste - Amy L. Grant and Dave Severin SYNOPSIS AS INTRODUCED:
| | | Amends the Illinois Income Tax Act. Creates an income tax credit in the amount of $500 for a taxpayer who serves as a full-time police officer, firefighter, or rescue worker during the taxable year. Effective immediately. |
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| | A BILL FOR |
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| | HB5122 | | LRB103 35898 HLH 65983 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, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Illinois Income Tax Act is amended by |
| 5 | | adding Section 241 as follows:
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| 6 | | (35 ILCS 5/241 new) |
| 7 | | Sec. 241. First responder tax credit. |
| 8 | | (a) For taxable years beginning on or after January 1, |
| 9 | | 2024 and beginning prior to January 1, 2029, each individual |
| 10 | | who serves as a full-time police officer, firefighter, or |
| 11 | | rescue worker during the taxable year is entitled to a credit |
| 12 | | against the taxes imposed by subsections (a) and (b) of |
| 13 | | Section 201 in the amount of $500. |
| 14 | | (b) A credit under this Section may not reduce a |
| 15 | | taxpayer's liability to less than zero. If the amount of the |
| 16 | | credit exceeds the tax liability for the year, the excess may |
| 17 | | be carried forward and applied to the tax liability of the 5 |
| 18 | | taxable years following the excess credit year. The tax credit |
| 19 | | shall be applied to the earliest year for which there is a tax |
| 20 | | liability. If there are credits for more than one year that are |
| 21 | | available to offset the liability, the earlier credit shall be |
| 22 | | applied first. |
| 23 | | (c) The Department may adopt rules for the implementation |