93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB7048

 

Introduced 02/09/04, by Lisa M. Dugan

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 5/216 new

    Amends the Illinois Income Tax Act. Provides that, for taxable years ending on or after December 31, 2004 and on or before December 30, 2009, each taxpayer is entitled to an income tax credit in the amount of $500 per taxable year if the taxpayer is a member of the armed forces of the United States, the Illinois National Guard, or a reserve component of the armed forces of the United States and served on active duty during the taxable year. Provides that the credit is not refundable and may not be carried forward or back. Effective January 1, 2005.


LRB093 17700 SJM 47218 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

HB7048 LRB093 17700 SJM 47218 b

1     AN ACT concerning taxes.
 
2     Be it enacted by the People of the State of Illinois,
3 represented in the General Assembly:
 
4     Section 5. The Illinois Income Tax Act is amended by adding
5 Section 216 as follows:
 
6     (35 ILCS 5/216 new)
7     Sec. 216. Iraq and Afghanistan service tax credit.
8     (a) For taxable years ending on or after December 31, 2004
9 and on or before December 30, 2009, each taxpayer is entitled
10 to a credit against the tax imposed by subsections (a) and (b)
11 of Section 201 in the amount of $500 per taxable year if the
12 taxpayer is a member of the armed forces of the United States,
13 the Illinois National Guard, or a reserve component of the
14 armed forces of the United States and served on active duty
15 during the taxable year.
16     (b) The tax credit under this Section may not reduce the
17 taxpayer's liability to less than zero. If the amount of the
18 credit exceeds the tax liability for the year, the excess may
19 not be carried forward or back to apply to the tax liability of
20 any other taxable year.
 
21     Section 99. Effective date. This Act takes effect January
22 1, 2005.