093_HB2464

 
                                     LRB093 09902 DRJ 10152 b

 1        AN ACT in relation to aging.

 2        Be it enacted by the People of  the  State  of  Illinois,
 3    represented in the General Assembly:

 4        Section  5.  The  Senior  Citizens  and  Disabled Persons
 5    Property Tax Relief  and  Pharmaceutical  Assistance  Act  is
 6    amended by changing Section 3.07 as follows:

 7        (320 ILCS 25/3.07) (from Ch. 67 1/2, par. 403.07)
 8        Sec.   3.07.  "Income"   means   adjusted  gross  income,
 9    properly reportable for federal income tax purposes under the
10    provisions of the Internal Revenue Code, modified  by  adding
11    thereto  the  sum  of  the  following  amounts  to the extent
12    deducted or excluded from gross income in the computation  of
13    adjusted gross income:
14             (A)  An  amount equal to all amounts paid or accrued
15        as interest or dividends during the taxable year;
16             (B)  An amount equal to the amount of tax imposed by
17        the Illinois Income Tax Act paid for the taxable year;
18             (C)  An amount equal to all amounts received  during
19        the   taxable  year  as  an  annuity  under  an  annuity,
20        endowment or life insurance contract or under  any  other
21        contract or agreement;
22             (D)  An  amount equal to the amount of benefits paid
23        under the Federal Social Security Act during the  taxable
24        year;
25             (E)  An  amount equal to the amount of benefits paid
26        under the Railroad  Retirement  Act  during  the  taxable
27        year;
28             (F)  An  amount  equal  to  the total amount of cash
29        public assistance payments received from any governmental
30        agency  during  the  taxable  year  other  than  benefits
31        received pursuant to this Act;
 
                            -2-      LRB093 09902 DRJ 10152 b
 1             (G)  An amount  equal  to  any  net  operating  loss
 2        carryover  deduction  or capital loss carryover deduction
 3        during the taxable year;
 4             (H)  For claim years beginning on or  after  January
 5        1,  2002,  an amount equal to any benefits received under
 6        the   Workers'   Compensation   Act   or   the   Workers'
 7        Occupational Diseases Act during the taxable year.
 8        "Income" does not include any grant  assistance  received
 9    under   the   Nursing   Home  Grant  Assistance  Act  or  any
10    distributions or items of income described under subparagraph
11    (X) of paragraph (2) of subsection (a) of Section 203 of  the
12    Illinois  Income  Tax  Act.  "Income"  does  not  include any
13    payment received on account of a military  service  connected
14    disability.
15        This  amendatory  Act  of  1987  shall  be  effective for
16    purposes of this Section for tax years  ending  on  or  after
17    December 31, 1987.
18    (Source:  P.A.  91-676,  eff. 12-23-99; 92-131, eff. 7-23-01;
19    92-519, eff. 1-1-02.)